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My parent is a non US residence, want to give me $50,000 as

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money gift. He plans to...
My parent is a non US residence, want to give me $50,000 as money gift. He plans to wire-transfer the money from their foreign bank directly to my local Bank of America acc..
-Do I have to pay Gift Taxes?? I live in Oregon, do i have to pay Oregon gift tax?
-Do I need to open an bank acc. in my father's local country bank, then ask him to transfer the money to that acc. and then do a tranfer to my local US bank account or he can make just one wire transfer from his local bank acc. that is at his name to my Bank of america acc.??
Thanks
Submitted: 6 years ago.Category: Tax
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1/1/2012
Tax Professional: Richard, Tax Attorney replied 6 years ago
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 56,009
Experience: 29 years of experience as a tax, real estate, and business attorney.
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Good afternoon. You do not need pay any federal or state gift tax. Also, since the amount is under $100,000 you need not file anything with the IRS. He can transfer the money directly to you.

 

 

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Please be aware that the information provided here is not legal advice. Rather it is simply general information. All states have intricacies in their laws and any information given is simply information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

 

 

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Customer reply replied 6 years ago
Why do some people suggest to transfer the money first to an acc. opened at my name in my father's bank and then do a transfter from there to my US acc.???
Tax Professional: Richard, Tax Attorney replied 6 years ago

It provides no benefit with regard to U.S. law.

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Customer reply replied 6 years ago
Thanks a lot , just one short follow up before I click Accept Answer.... if my father dies does the money that I inherits from him receives this same treatment as the gift (no taxed)?
Tax Professional: Richard, Tax Attorney replied 6 years ago
If this is the total amount...it would be the same from the U.S. perspective.
Richard
Richard, Tax Attorney
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Satisfied Customers: 56,009
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