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I'm a dual citizen US and Saudi Arabian. I'm currently

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Hello, I’m a dual citizen US...
Hello,
I’m a dual citizen US and Saudi Arabian. I’m currently living in the states for Education, and I would like to know if my father was to send me money to keep in my savings or checking account would I have to pay taxes? knowing that i’m not employed. And is there a certain amount and then I’d have to start paying taxes or not? and does it matter which state I live in?
Another question is, my mother is a US citizen also. But she has been living in Saudi Arabia for over 20 years now, does she have to pay taxes or not?
Lastly, If my father was to buy a Property or house in America and put it under my name do I have to pay income taxes on it~ other than the annual property taxes~ And by taxes I mean income taxes... IRS Internal Revenue Service?
Submitted: 2 years ago.Category: Tax
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10/26/2015
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,886
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello

As a citizen of the US you would need to report your worldwide income. This includes interest earned on a savings or checking account anywhere.

If one of your accounts earns interest and that is the only income at all that you receive then you would look to your filing requirement. If you are a single person and your have $11,700 of income you have to file a US tax return. If you do not have that much then you are not required to file and would not pay tax on the income. States have different amounts for requirements.

If your father is not a US person and he sends you money or makes gifts to you, you have to report that if the amount or value is $100,000 or more in the year. The form is 3520 to use to report and this is even if you are not filing a tax return. The gift itself is not taxable but reporting is required. This includes the cash and a house he would by. No tax on the gift but reporting is a must.

All US citizens are required to report their worldwide income. If your mother doe snot have any income then she would not be required to file a tax return but if she has ant accounts in her name (or jointly) then she may have to file a reporting form listing those accounts.

If my answer addressed your question please rate below or above (let me know if you have difficulty as I believe the system changed), if you need more information reply below.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago

Please advise if you need more information or rating in a positive way is acceptable.

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