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my wifes parents immigrated to the US this year as the permanent

my wife's parents immigrated to...
my wife's parents immigrated to the US this year as the permanent resident. Before They entered the US, they had transferred 400,000 to my wife account. My wife is the US permanent resident but my wife's parents was not the permanent residents when they transferred the money. The money was transferred from the foreign country to my wife US bank account. After entering US for 2 months, they got their US permanent residents. Now, the money is in my wife account but my wife decided not taking the money back ( they want my wife has it ). I am wondering if there is any tax implication on $400,000 in my account.
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Answered in 1 minute by:
8/26/2013
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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MyVirtualCPA :

Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.

Customer:

hello

MyVirtualCPA :

Does your wife have to pay this money back? If not, it is a gift. It's not taxable but you still need to report the gift on form 3520

Customer:

no, she doesn't have to pay back

MyVirtualCPA :

If she has to pay the money back, it's a loan. There is no paperwork to fill out

MyVirtualCPA :

Okay then it is a gift - she will need to declare the gift on form 3520

MyVirtualCPA :

and that's it. There is no tax

Customer:

does it has any tax implication

Customer:

?

MyVirtualCPA :

Nope...no tax

Customer:

they transfer before they got US permanent residents

Customer:

3-6 weeks

Customer:

after that they moved to US

MyVirtualCPA :

That's okay - that's why she has to fill out form 3520

Customer:

after they got in US they got US permanent residents

Customer:

are they considered US people

Customer:

I mean my parent wife

Customer:

hi

MyVirtualCPA :

No, they are not until they are permanent residents

Customer:

so there is no tax implication on my wife

Customer:

at all.

MyVirtualCPA :

no there is not

Customer:

thanks

Customer:

hangon let me copy the chat session and let my wife know

MyVirtualCPA :

You're welcome. If you would, please rate my response as "excellent" so that I may receive credit for assisting you today

Customer:

ok

Customer:

there is no problem.

MyVirtualCPA :

Nope - no problem

Customer:

thanks a lot

MyVirtualCPA :

You're welcome

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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Megan C and 87 other Tax Specialists are ready to help you
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Thanks, Paul for your positive rating. Please come back and visit MyVirtualCPA for any of your tax, finance, or social security needs. IT was a pleasure working with you today
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Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,581
16,581 Satisfied Customers
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

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