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My mother, non US residence, non citizen, wants to give me

$140,000 as money gift. She...
My mother, non US residence, non citizen, wants to give me $140,000 as money gift. She plan to wire-transfer the money from her US bank to my US local bank. I am citizen. Is this amount subject to gift tax? If yes, in this case is the donee who has to pay because the money is at a US bank?

Read more: International Money Gift Tax question. - JustAnswer http://www.justanswer.com/tax/01e5d-international-money-gift-tax-question.html#ixzz22RZxlPmE
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Answered in 36 minutes by:
8/3/2012
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,581
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

Thank you for your question! As the recipient of a gift, you never pay taxes on money that is given to you as a gift. However, as the gift comes from a non-us citizen you will need to report that to the IRS on form 3520. This is just disclosing the gift to them - no tax is due.

As your mom is not from the US and does not live in the US, she does not have any obligation to file any forms with the IRS.

Please let me know if you need anything further.

Thank you for using JustAnswer. Please take a moment to rate my response as "EXCELLENT" So that I may be compensated for assisting you today. If you need follow up assistance, please hit "reply" or "continue conversation" before giving a rating of less than "OK SERVICE"
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Customer reply replied 5 years ago
I understand that my mom doesn't have to pay gift tax because she is not citizen. My concern is that HER money is invested in an US bank, not a foreign one. I have heard that having the money in US someone has to pay the gift tax. Since she is not citizen, I thought it should be me who has to pay. I hope I am wrong.
Yes, you are wrong. No one is going to pay tax on this - it's a gift.

You NEVER pay tax on a gift. Your mom isn't a US citizen, and isn't a resident, so there's nothing she needs to do. Even though the money is in a US account she's not going to owe tax on that, either.

Thank you for using JustAnswer. Please take a moment to rate my response as "EXCELLENT" So that I may be compensated for assisting you today. If you need follow up assistance, please hit "reply" or "continue conversation" before giving a rating of less than "OK SERVICE"
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
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Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,581
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Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

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