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Im a green card holder. I was working on a startup for the

I'm a green card holder...
I'm a green card holder. I was working on a startup for the whole year and didn't get any salary. My family (they live in Russia) was sponsoring my living expenses as a gift, they don't need anything in return. The total was around 77,000 USD. I didn't have any other income. How should I put it in my tax declaration?
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Answered in 8 minutes by:
11/1/2012
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,592
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. Gifts are not taxable. Therefore you owe no tax on the cost of your living expenses. You don't even have to declare gifts from foreign sources until they total $100,000.

You do have to disclose foreign assets over $10,000 - but only those in your name.

** Please take a moment to rate my response as "Excellent" so that I may be compensated for assisting you today. Please let me know if my assistance was anything less than "OK Service", as I am compensated based on whether or not I have assisted you with your issue. If you need further clarifications, PLEASE WAIT TO RATE MY ANSWER UNTIL AFTER RECEIVING FOLLOW UP FROM ME. If I receive anything less than OK Service, I do not get paid, but the Web site will still collect your payment. Thank you for your kind understanding in this matter. If you have difficulties rating, then simply respond stating that you are having difficulties rating and thank me for my excellent, good, or ok service and we can get the rating applied by the site**]

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Customer reply replied 5 years ago

Do I have to declare my bank accounts in Russia? Usually I have there around 5000$, however sometimes the balance could be more than 10,000$ for a few days.

Yes, if you have more than $10,000 total in foreign assets at any point during the year you have to file form TD F 90 - 22.1. CLICK HERE for more details

** Please take a moment to rate my response as "Excellent" so that I may be compensated for assisting you today. Please let me know if my assistance was anything less than "OK Service", as I am compensated based on whether or not I have assisted you with your issue. If you need further clarifications, PLEASE WAIT TO RATE MY ANSWER UNTIL AFTER RECEIVING FOLLOW UP FROM ME. If I receive anything less than OK Service, I do not get paid, but the Web site will still collect your payment. Thank you for your kind understanding in this matter. If you have difficulties rating, then simply respond stating that you are having difficulties rating and thank me for my excellent, good, or ok service and we can get the rating applied by the site**]

Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,592
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)
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