How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Richard Your Own Question
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55325
Experience:  29 years of experience as a tax, real estate, and business attorney.
Type Your Tax Question Here...
Richard is online now
A new question is answered every 9 seconds

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

Resolved Question:

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.??
Submitted: 5 years ago.
Category: Tax
Expert:  Richard replied 5 years ago.

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.



I hope this has given you information that has been helpful to you. I wish you the best of luck!


If you have a follow-up question, please remember that there might be a delay between your follow up questions and my answers because I may be helping others or taking a break.


If I have adequately answered your question, even though the answer might not have been the one for which you hoped, I would appreciate it if you would please click the GREEN ACCEPT button so that I receive credit for my work; otherwise, though you have made a deposit, I do not receive credit.


If you need additional clarification on this question after clicking ACCEPT, please do not hesitate to click Reply and I will be happy to do what I can to help you further. Thanks for allowing me to be of service to you.


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.



Customer: replied 5 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.???
Expert:  Richard replied 5 years ago.

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

Customer: replied 5 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)?
Expert:  Richard replied 5 years ago.
If this is the total would be the same from the U.S. perspective.
Richard and 2 other Tax Specialists are ready to help you