How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Wendy Reed Your Own Question
Wendy Reed
Wendy Reed, Enrolled Agent
Category: Tax
Satisfied Customers: 3346
Experience:  15+ years tax preparation and tax advice.
Type Your Tax Question Here...
Wendy Reed is online now
A new question is answered every 9 seconds

I am going to receive a $20000 dollars gift from my mom. Do ...

Resolved Question:

I am going to receive a $20000 dollars gift from my mom. Do I have to pay tax on this? She is in france and I am in the US and live here
Submitted: 9 years ago.
Category: Tax
Expert:  Wendy Reed replied 9 years ago.

Hello there,

If you receive a gift of cash from another individual, you do not have to pay income tax on this money. If your mother is a US citizen, she may need to file a gift tax return.

If you receive 100K or more from foreign sources, you must file a reporting form---Form 3520 to let the IRS know of this transaction, but it is not taxable as a gift.

Customer: replied 9 years ago.
Reply to Wendy Rieger's Post: Do you have a reference article from an official site that confirms that a cash gift from another individual is not taxable? Thank you or your help.
Expert:  Wendy Reed replied 9 years ago.

Yes, sure thing, here is a link to tax info about gifts on the IRS website, you will see the second paragraph states the info you need!!!,,id=107815,00.html

Wendy Reed and other Tax Specialists are ready to help you

Related Tax Questions