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Lev
Lev, Tax Advisor
Category: Tax
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Experience:  Taxes, Immigration, Labor Relations
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I am on H4 visa and doing my college here in US (student).

Resolved Question:

I am on H4 visa and doing my college here in US (student). Doing MS in computer science. I am planning to get a $10,000 from my father who lives in INDIA . Is this forign income taxable. Do I need to show this icome while filing the tax. If taxable how much I have to pay. I pay around 9000/year for tution (paid by my husband now).
We are planning to buy a property in USA and short of monney.That's why getting some monney from my parent.
What is best way to transfer/get this monney (I mean to avoid tax)
Submitted: 11 months ago.
Category: Tax
Expert:  Lev replied 11 months ago.

LEV :

Hi and welcome to Just Answer!
If you are living in the US - you are considered a resident alien - and you are taxed on all your worldwide income.
However - the gift you receive from your father is not taxable income. Gifts are not taxable for recipients. You would need to report the fact of receiving the gift from a nonresident alien - but only if the total gift value is above $100,000. Since your gift is less than this threshold - there is no thing taxable and nothing to report to the IRS.

LEV :

If you are filing a joint tax return with your spouse - you might be able to claim a credit for educational expenses. You will find more details in this publication - www.irs.gov/pub/irs-pdf/p970.pdf

Customer:

Thanks for the quick response . I read somewhere that only US citezens comes under "Gift" rule (not taxable) and all visa/immigrants not considered for "Gift" (not taxable). Is this true?

LEV :

It doesn't matter how the money are transferred - if that is a gift - there is no tax liability and nothing to worry - the best and safest way will likely be to use bank-to-bank transfer if that is allowed in India.
If you will carry the money over the border - the amount of $10,000 or above should be declared to customs.

Customer:

So you are saying that for H4 visa holders gifts are not taxable. right?

LEV :

Yes - as a recipient of a gift - you do not need to claim it as income. Regardless of the value of the gift. Please see for reference IRS publication 525 page 31 left column - http://www.irs.gov/pub/irs-pdf/p525.pdf
Gifts and inheritances. In most cases, property you receive as a gift, bequest, or inheritance is not included in your income.

LEV :

Gifts are NOT taxable income in the US. Regardless of you visa status.

Customer:

OK. Thanks

LEV :

You are welcome. I provided a reference that the gift is not taxable - see IRS publication 525 page 31 left column.

Lev, Tax Advisor
Category: Tax
Satisfied Customers: 22616
Experience: Taxes, Immigration, Labor Relations
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