My family lives in a foreign country and they are not US citizens. They wire money monthly to me in the US and I am a citizen. Do I have to report the money to the government? What will happen if I don't. Will they know?
2006-08-17 16:39:04 · 6 answers · asked by salute333 1 in Business & Finance ➔ Taxes ➔ United States
They will know now.....forwarding question to IRS.
2006-08-17 16:44:19 · answer #1 · answered by Anonymous · 0⤊ 1⤋
A donee (you) is not taxable on ANY amount of gifts received. You may have to prove to the IRS that the donor (your parents) sent you the money with the intent of making a gift (donative intent). Since your parents are not U.S. citizens and do not reside in the U.S. I can't imagine they would be required to file a U.S. gift tax return.
2006-08-21 04:06:28 · answer #2 · answered by Dirk M 2 · 0⤊ 0⤋
You are receiving gifts not taxable income. Nothing to report. the 12,000 limit in the other answer is incorrect. Only US taxpayers have a limit of 12,000 for making gifts to others before filing a gift tax return.
2006-08-18 03:40:50 · answer #3 · answered by spicertax 5 · 0⤊ 0⤋
If the money is a gift, you don't have to report it. Gifts are not taxable income to the recipient.
2006-08-17 18:05:30 · answer #4 · answered by Judy 7 · 1⤊ 0⤋
Yes you have to report the money. Cause if they find out you did not, then they will fine you.
2006-08-21 08:32:07 · answer #5 · answered by ancer 3 · 0⤊ 0⤋
Each of your parents can give you tax free $12,000. Any money received by you over the $24,000 is taxable in the US and by the state you live in, if the state has state income tax.
2006-08-18 03:19:51 · answer #6 · answered by cyclist 3 · 0⤊ 2⤋