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Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 53964
Experience:  29 years of experience as a tax, real estate, and business attorney.
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I have a question on Gift of about $1.5 Million from my Dad

Customer Question

Hi, I have a question on Gift of about $1.5 Million from my Dad in India to me. Will I owe taxes on these in the US since I stay in the US and I am on a valid Visa and not a permanent resident yet.
JA: The accountant will know how to help. Is there anything else the accountant should be aware of?
Customer: no
Submitted: 28 days ago.
Category: Tax
Expert:  Richard replied 28 days ago.

Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

Expert:  Richard replied 28 days ago.

No, you will owe not owe any tax on this gift. Under Section 102 of the Internal Revenue Code, gifts are not income and does do not need to be declared as income. And, recipients of gifts are not subject to gift taxes in the U.S. But, since this money is coming from outside the U.S. to you in the U.S. and it is in excess of $100,000, you do need to file Form 3520 with the IRS. This is only a reporting requirement under the Homeland Security Act to track money coming into the U.S.; there will be no tax due.

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