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TaxRobin, Tax Preparer
Category: Social Security
Satisfied Customers: 15184
Experience:  15+ years in tax preparation and instruction
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Mt son in australia want to gift me to buy a present

Customer Question

mt son in australia want to gift me to buy a present living with another son at 10883 concord ln, huntley il 60142 pay rent to him.can i accept his gift and entitle to keep one house.
Submitted: 1 year ago.
Category: Social Security
Expert:  TaxRobin replied 1 year ago.
HelloIf your son in Australia gives you more than $100,000 you would have to report the gift using form 3520. Gifts under that amount are not required to be reported.You would not be taxed on the gift.You can accept the gift but you just need to know about reporting if it is more than $100,000.You are required to click a positive rating if I am to be credited with the response.You have to actively click on a rating and click submit. Smiley Faces or Stars.