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 USTaxAdvising Your Own Question
USTaxAdvising
USTaxAdvising, CPA
Category: Tax
Satisfied Customers: 1237
Experience:  US Taxation specialist.
58296935
Type Your Tax Question Here...
USTaxAdvising is online now
A new question is answered every 9 seconds

if I got a money gift from a foreign friend, do I have to pay

This answer was rated:

if I got a money gift from a foreign friend, do I have to pay a tax on it?

No, the recipient of a gift is never liable for gift taxes regardless of the source (foreign or domestic).

 

Since the funds were from a foreign source you may have a Form 3520 filing requirement if the amount was in excess of 100K.

 

Let me know if you have any further questions.

 

Best regards,

USTaxAdvising and other Tax Specialists are ready to help you

Related Tax Questions