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Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55711
Experience:  29 years of experience as a tax, real estate, and business attorney.
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My mother is not a citizen nor a resident...yet (though we

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My mother is not a citizen nor a resident...yet (though we are applying for the latter). She just sold a property in Costa Rica and wants to split the money between my sister and me. As far as I understand there is no gift tax but is there income tax for my sis and myself???

Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good afternoon. No, this would be a gift, and thus it's not income. A donee does not pay a gift tax; and since it's a gift, there are no income taxes resulting to you. But, if the amount is over $100,000 to either of you, you will need to file a Form 3520 with the IRS to simply report it because it is coming from outside the U.S. There will be no tax; it's only a reporting requirement.

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