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Ask Stephen G. Your Own Question
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 6167
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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JA: . What is your issue regarding? Customer: I

Customer Question

Hello!
JA: Hi. What is your issue regarding?
Customer: I am a US citizen (medical student with no income).
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: If my father's foreign supplier in Thailand gifts me money (for tuition purposes), are those amounts taxable?
JA: Is there anything else important you think the Accountant should know?
Customer: Gifts or bequests valued at more than $100,000 from a nonresident alien individual or foreign estate (including foreign persons related to that nonresident alien individual or foreign estate);
or
Gifts valued at more than $15,601 for 2015 (adjusted annually for inflation) from foreign corporations or foreign partnerships (including foreign persons related to the foreign corporations or foreign partnerships).
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Submitted: 7 months ago.
Category: Tax
Expert:  Stephen G. replied 7 months ago.
Gifts such as you describe to a US Citizen are not taxable for income tax purposes.The gifts that you cite in your question are reportable but not taxable:Reporting RequirementsYou must file Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts, if, during the current tax year, you treat the receipt of money or other property above certain amounts as a foreign gift or bequest. Include on Form 3520:Gifts or bequests valued at more than $100,000 from a nonresident alien individual or foreign estate (including foreign persons related to that nonresident alien individual or foreign estate);Gifts valued at more than $15,601 for 2015 (adjusted annually for inflation) from foreign corporations or foreign partnerships (including foreign persons related to the foreign corporations or foreign partnerships).