My parents overseas intend to give me a large sum by transferring it to my account here in United States. Do I need to pay taxes on this money? What are my options since the money was not earned in U.S.A.!
2007-09-17 16:25:46 · 2 answers · asked by A.J. M 2 in Business & Finance ➔ Taxes ➔ United States
The money is gift.
2007-09-17 17:09:20 · update #1
Gifts are not taxable to the recipient. The giver of the gift may have a Gift Tax liability. If your parents are not US citizens or residents they most likely cannot be compelled to file a US Gift Tax return, however.
Since this money is coming from overseas you may have to file a Form 3520 return: http://www.irs.gov/pub/irs-pdf/f3520.pdf Instructions: http://www.irs.gov/pub/irs-pdf/i3520.pdf to report the payments. This does not trigger a tax liability for you IF it is determined to be a bona-fide gift however there are stiff penalties for failure to file the return.
2007-09-17 21:21:43 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Receiving Money From Overseas
2016-11-15 05:25:42 · answer #2 · answered by ? 4 · 0⤊ 0⤋
RE:
Money from Overseas...taxable or not?
My parents overseas intend to give me a large sum by transferring it to my account here in United States. Do I need to pay taxes on this money? What are my options since the money was not earned in U.S.A.!
2015-08-02 02:56:57 · answer #3 · answered by Anonymous · 0⤊ 0⤋
As far as I know, overseas income still needs to be reported to the IRS.
However, you don't mention WHY the large sum. Is it for services rendered, a gift, what?
There's different taxes (and exemptions) for each way you receive money.
2007-09-17 16:31:26 · answer #4 · answered by Anonymous · 0⤊ 0⤋
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2014-09-24 11:23:00 · answer #5 · answered by Anonymous · 0⤊ 0⤋
1
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2014-12-18 14:37:29 · answer #7 · answered by ? 3 · 0⤊ 0⤋