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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16579
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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My father has dual citizenship, US and Canada, and lives in

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My father has dual citizenship, US and Canada, and lives in Canada. He has not filed US income taxes for years, I think. He wants to give me a check for $25,000 US$ as he expects to die relatively soon and him leaving me money in his will is not a good option. Do I need to report this money on my taxes and pay taxes on it?
Thank you for your question. My name is XXXXX XXXXX I will be happy to assist you today.

The money you get from your father is a gift. You do not need to report this as income.

Your father as a US citizen will need to file a gift tax return and disclose the gift. There will be no gift tax if he has not given away more than 5.2 million during his life.

Please let me know if you need anything additional. If not please rate positive so that I may receive credit for assisting you today.
Customer: replied 3 years ago.

If he does not file the US gift tax return would I somehow be liable for taxes on the gift?

Thanks for your reply. No, you will never have to pay tax on the gift. This is true even if your father does not fill out a gift tax return. Please let me know if you need anything else. If not please rate as positive so that I may receive credit for assisting you today.
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