2007-12-31 05:18:51 · 6 answers · asked by chris b 1 in Business & Finance ➔ Taxes ➔ United States
No, not in the USA
2007-12-31 05:21:20 · answer #1 · answered by Anonymous · 0⤊ 1⤋
It's not taxable to you, however there may be reporting requirements.
The amount in question isn't clear. You stated "2000k's". If you're using common notation, that would be $2 million. If that's the case (aside from congrats on a fat tax-free hit) you WILL have to file a Form 3520 informational return. That is required for all gifts from foreign donors that exceed $100,000 in any tax year. No tax is due with the return but there are severe penalties for failure to file it when due.
2007-12-31 13:30:23 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
The recipients of gifts never have to pay tax on the gift.
As a side note, is $2000K a typo? If it isn't, he is extremely generous.
2007-12-31 13:28:28 · answer #3 · answered by taxreff 7 · 0⤊ 1⤋
If the IRS checks, they will attempt to prove that the money was being hidden or transferred for "ill intent"
You had best get documents proving it was a gift because there may well come a day when you will need it. Even then, it will need to be proven should the IRS question it, and believe me, they can, and will if a bug crawls up their tailpipe.
2007-12-31 13:23:24 · answer #4 · answered by Noone i 6 · 0⤊ 3⤋
No...$12000 a year can be gifted To anyone without any tax repurcussions.
2007-12-31 13:23:10 · answer #5 · answered by Ernie 5 · 0⤊ 2⤋
Not in the UK either.
2007-12-31 13:22:07 · answer #6 · answered by krazykatignatz 3 · 0⤊ 1⤋