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lilycoughlin3
Level 1

Receive money from gift tax implication

I am a US citizen and my dad (not a US citizen or not a green card holder) would like to give me some money from abroad. I have three questions: 1) Do I have to pay any tax? Is there any annual or lifetime limit? 2) My mom is a US citizen - still married to my dad. However, she doesn't have any name (or is not a co-owner) in my dad oversea bank account, where the money will be coming from. Does my mother have to pay any US tax on this because my dad is giving me money as they are married? 3) My dad is also thinking to just give my mom the money instead of me. In this case, does she have to pay any tax?

3 Replies
DoninGA
Level 15

Receive money from gift tax implication

Gifts received from an individual are not reported on a tax return, regardless of the amount received.

If the gift received is from a foreign individual and the amount received is greater than $100,000 then the gift received has to be reported to the IRS on Form 3520.  However this is an informational form only and there is no tax on the gift.

So, for your questions -

1) No

2) No

3) No

mp3
Level 1

Receive money from gift tax implication

 $100000 limit for one person then

how about join tax filer.(is lime 200000)

DoninGA
Level 15

Receive money from gift tax implication

Read the IRS instructions for Form 3520 - https://www.irs.gov/pub/irs-pdf/i3520.pdf

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