2007-12-05 13:19:55 · 4 answers · asked by Houston 1 in Business & Finance ➔ Taxes ➔ United States
No, although there may be informational returns due depending upon the value of the gift.
Assuming that your father is a non-resident alien he cannot be compelled to file a US Gift Tax return or pay the US Gift Tax. If his country levies a Gift Tax he will have to pay that in accordance with that nation's laws.
2007-12-05 14:31:54 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
In the U.S. the person who receives a gift does not pay the tax. Your parents can send you gift of any amount, you don't pay any gift tax. Since the donor is a foreign person (no SSN or ITIN), he need not worry about the U.S. tax on donor of the gift.
However, since it is coming from a foreign country, the IRS wants to make sure that it is a actually a gift. So you must file File 3520 Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts if the amount in 2007 is more than $13,258.
2007-12-05 18:53:13 · answer #2 · answered by MukatA 6 · 0⤊ 0⤋
The informational return is a form 3520.
If you put the money he sends you in the bank and it starts drawing interest, that interest could be taxable to you (it is is you are resident alien or US citizen).
If you put the money in a non-US bank account and you are resident alien or US citizen, you may need to do a form TD F 90-22.1 as well.
2007-12-05 18:04:29 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Not on the gifts but that wouldn't excuse you from paying income tax on income.
2007-12-05 16:36:04 · answer #4 · answered by Anonymous · 0⤊ 0⤋