How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Richard Your Own Question
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55703
Experience:  29 years of experience as a tax, real estate, and business attorney.
Type Your Tax Question Here...
Richard is online now
A new question is answered every 9 seconds

I have a question on Gift of about $1.5 Million from my Dad

Customer Question

Hi, I have a question on Gift of about $1.5 Million from my Dad in India to me. Will I owe taxes on these in the US since I stay in the US and I am on a valid Visa and not a permanent resident yet.
JA: The accountant will know how to help. Is there anything else the accountant should be aware of?
Customer: no
Submitted: 11 months ago.
Category: Tax
Expert:  Richard replied 11 months ago.

Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

Expert:  Richard replied 11 months ago.

No, you will owe not owe any tax on this gift. Under Section 102 of the Internal Revenue Code, gifts are not income and does do not need to be declared as income. And, recipients of gifts are not subject to gift taxes in the U.S. But, since this money is coming from outside the U.S. to you in the U.S. and it is in excess of $100,000, you do need to file Form 3520 with the IRS. This is only a reporting requirement under the Homeland Security Act to track money coming into the U.S.; there will be no tax due.

Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as Good or Excellent (hopefully Excellent). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!