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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16559
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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i am a green card holder. if i receive money from India as

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i am a green card holder. if i receive money from India as a gift from my uncle or father, do i have to pay taxes on that here

MyVirtualCPA :

Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

MyVirtualCPA :

Thank you for your question

MyVirtualCPA :

Gifts are not taxable, so you will not pay tax on the gift

MyVirtualCPA :

However, if the gift is over $100,000 you will need to report it on form 3520

MyVirtualCPA :

There will be no tax due. It's an information only return.

MyVirtualCPA :

Is there anything else that I can assist you with today?

MyVirtualCPA :

If not, please rate my response "excellent' so that I may receive credit for assisting you today

Customer:

Even if the gift is not from an uncle or a friend?

MyVirtualCPA :

It doesn't matter who gives you the gift, it's tax free

Customer:

I mean even if the gift IS from an uncle or a friend?

Customer:

ok thank you..so when they wire the money they just need to mark the wire/ACH as "gift"?

MyVirtualCPA :

They can do that, yes

MyVirtualCPA :

and you will file form 3520 if the amount is greater than $100,000

Customer:

ok thank you

MyVirtualCPA :

You're welcome

MyVirtualCPA :

Do you need additional assistance?

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