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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 7363
Experience:  15years with H & R Block. Divisional leader, Instructor
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if i receive a gift of $140,000 from overseas from a non U.S

Resolved Question:

if i receive a gift of $140,000 from overseas from a non U.S person do I or they have to pay tax?
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.

Robin D. :

Hello and thank you for using Just Answer,

Robin D. :

You would not need to pay taxes but you would be required to report the gift if you are a US person.

Robin D. :

You would report the gift on form 3520

Robin D. :

The non US person would not owe any US tax on the gift

Customer:

will they have to pay a tax. will be coming in from ireland

Robin D. :

They would not be under US taxation. I can check if Ireland has a gift tax. One sec

Customer:

thanks for checking

Robin D. :

No problem, Ireland does have a Gift tax but their tax is on the receiver if the receiver is resident in Ireland or has been resident in the last 5 years.

Robin D. :

I fyou are not resident in Ireland and have not been resident in the past 5 years you would not owe them tax. I need to check our tax treaty now.

Customer:

thank u so much

Customer:

he is asking for ur phone number so he can call u with or q's

Robin D. :

Sorry but we do not speak on the phone or have contact away from this Q&A (site regs).

Robin D. :

Sorry I was reading through the treaty

Robin D. :

I am trying to make sure that the tax would not fall to the giver

Robin D. :

Sometimes the country will tax the giver (if they are resident) when they cannot tax the receiver

Customer:

should he go to justanswer.com

Robin D. :

This is fine

Robin D. :

He can come to this Q&A too if he wants to post another question but I am still scanning through the Irish law on the gift tax and the treaty

Customer:

ok i'll tell him

Robin D. :

So far you know there is no tax in teh US for either of you just you to report because it is more than $100,000

Customer:

k

Customer:

waiting for his question

Robin D. :

I cannot see any area where there would tax to pay in Ireland either

Customer:

he said thats ok. has has the info for huis end

Robin D. :

Great

Customer:

thanks for answering

Robin D. :

I really enjoyed working with you – please feel free to request me again when you come back to ask another question.


 

Robin D. :

Your positive rating is always thanks enough.

Customer:

where do I get gift form

Robin D. :

I will give yo a link one sec

Customer:

where do i get form 3520

Robin D. :

That is to the IRS page for the form

Robin D. :

that is the instructions

Customer:

thanks. bye

Robin D. :

Best wishes

Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 7363
Experience: 15years with H & R Block. Divisional leader, Instructor
Robin D. and other Tax Specialists are ready to help you

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