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Wendy Reed
Wendy Reed, Enrolled Agent
Category: Tax
Satisfied Customers: 3346
Experience:  15+ years tax preparation and tax advice.
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I am going to receive a $20000 dollars gift from my mom. Do ...

Resolved Question:

I am going to receive a $20000 dollars gift from my mom. Do I have to pay tax on this? She is in france and I am in the US and live here
Submitted: 10 years ago.
Category: Tax
Expert:  Wendy Reed replied 10 years ago.

Hello there,

If you receive a gift of cash from another individual, you do not have to pay income tax on this money. If your mother is a US citizen, she may need to file a gift tax return.

If you receive 100K or more from foreign sources, you must file a reporting form---Form 3520 to let the IRS know of this transaction, but it is not taxable as a gift.

Customer: replied 10 years ago.
Reply to Wendy Rieger's Post: Do you have a reference article from an official site that confirms that a cash gift from another individual is not taxable? Thank you or your help.
Expert:  Wendy Reed replied 10 years ago.

Yes, sure thing, here is a link to tax info about gifts on the IRS website, you will see the second paragraph states the info you need!!!,,id=107815,00.html

Wendy Reed and 2 other Tax Specialists are ready to help you