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Anne
Anne, Master Tax Preparer
Category: Tax
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Experience:  Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
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I am wondering about tax implications of money gift transfer

Resolved Question:

I am wondering about tax implications of money gift transfer from my mother who is a citizen of another country
Submitted: 1 year ago.
Category: Tax
Expert:  Anne replied 1 year ago.

Anne :

Thank you for using justanswer

Anne :

you would NOT have to pay any type of tax, since under IRS regs, the donor is responsible for any tax due, not the recipient

Anne :

However, since your mother is not a US citizen or Resident alien, she is not required to file any gift tax form (or any other form)

Customer:

I am the mother who wants to send to her daughter of $150,000 as a gift to finance her purchase of an apartment. My daughter is an American citizen and I is a citizen of Russia. Waht would be tax implications for my daughter?

Anne :

I'm sorry that I just assumed that it was the recipient that would be asking......

Customer:

No, I am writing you from Mosocw, but O.K. I am consern with my daughter who will be a receiver of money

Anne :

I am looking at current IRS regs to finish my answer to you.....please wait just a moment?

Customer:

Dear XXXXX, the US Tax Law is not very clear on that. Waht about limitations of the amount received by an American as a gift from abroad

Anne :

That's what I was looking for........the $ amount

Anne :

Your daughter would need to file Form 3520 if she receives more than $100,000 dollars from a non US citizen

Anne :

This form has NO tax associated with it

Anne :

it is just an information form for the IRS

Customer:

Thank you very much

Anne :

I gave you the link to the form, but again, this is an informational form only

Anne :

You are most welcome

Anne :

Is there anything else I can help you with tonight?

Anne :

You may bookmark this page so that if you have any other questions re: this transaction,

Anne :

Follow up questions are free, and you may ask them even after you rate/pay

Anne, Master Tax Preparer
Category: Tax
Satisfied Customers: 1914
Experience: Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
Anne and 5 other Tax Specialists are ready to help you
Expert:  Anne replied 1 year ago.
Thank you for the accept and the excellent rating!

Please feel free to ask for me by name by putting "for Anne" in the question line.

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Anne
Anne
Master Tax Preparer
1895 Satisfied Customers
Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses