Have a Tax Question? Ask a Tax Expert
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.
Do you currently reside in the US? If so, you are typically considered a resident for tax purposes. In this case, your gift money is completely tax free
And, the amount is under $100,000 so you do not have to fill out any paperwork to declare the gift
Gifts are always tax free to the recipient, and taxable to the giver - but the giver is outside the US and has no reporting requirement.
Yes, I have been living in U.S. since 2007. I came here as a student and use my OPT work permit right now. What if the amount is over than $100,000 will I need to pay taxes? or will I need to fill out a paperwork?
If the amount is over $100,000 you do not owe tax, but you have to fill out form 3520 to declare the gift
Based on my understanding, I do not need to worry about paying taxes. Thanks for your great help
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