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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16576
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Will I need to pay any tax if I receive money from my Dad from

This answer was rated:

Will I need to pay any tax if I receive money from my Dad from another country?

I am not a U.S. citizen or green card holder at the moment but I just got married and will apply my green card soon. My family wants to transfer more than $75,000 as a wedding gift to us to purchase a home. Will I need to pay any tax for this money?

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 :

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

MyVirtualCPA :

And, the amount is under $100,000 so you do not have to fill out any paperwork to declare the gift

MyVirtualCPA :

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.

Customer:

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?

MyVirtualCPA :

If the amount is over $100,000 you do not owe tax, but you have to fill out form 3520 to declare the gift

Customer:

Based on my understanding, I do not need to worry about paying taxes. Thanks for your great help

MyVirtualCPA :

You're welcome. If you would, please rate my response as "excellent" so that I may receive credit for assisting you today

Megan C and other Tax Specialists are ready to help you
Thank you John for your positive rating. Please come back and visit MyVirtualCPA any time you need a tax, finance, or social security question answered. It was a pleasure working with you today.