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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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If my friend who is not a US Citizen wires from his account

Resolved Question:

If my friend who is not a US Citizen wires from his account overseas to my US account $180,000 as a cash gift which I use to pay off my mortgage I understand that I need to file Form 3520 with my annual tax return . Am I subject to any US Taxes on the $180,000 I recieve? Is the donor subject to
any US taxes on the $180,000 he gifts to me?
Submitted: 11 months ago.
Category: Tax
Expert:  Anne replied 11 months ago.

Anne :

Hi

Anne :

Thank you very much for requesting me

Anne :

The donor of a gift is the one who pays any taxes due, not the recipient

Anne :

If your friend live in the US (or was a US citizen or green card holder) , they would have file form 706, however, since your friend is not subject to US tax laws (unless he falls into one of the categories listed above) then all you need to do if file the 3520

Customer:

OK but he is not a US citizen ,so is he required to pay any US gift tax ? that was the second part of my question

Anne :

As I stated above.........your friend is not subject to any US gift tax...........

Customer:

Ok last question . I have no gift tax liability as US citizen do I have Income tax liability?ie is the $180,000 considered income

Anne :

No gifts are not considered income by the recipient (you)

Anne :

therefore, they are not reportable on your Form 1040

Anne, Master Tax Preparer
Category: Tax
Satisfied Customers: 1766
Experience: Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
Anne and 7 other Tax Specialists are ready to help you
Expert:  Anne replied 10 months ago.
Thank you for the positive rating, and more importantly thank you for requesting me.

All of the experts here work very hard to give you the best answer they can based on your particular situation, so being specifically requested is like a bonus for us....thank you for making my day!

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