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I have a mother in Thailand who will be transferring $15k to…

I have a mother in...
I have a mother in Thailand who will be transferring $15k to me, a US citizen, as a gift. Will I be tax on this?
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Answered in 7 minutes by:
1/21/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,359
Experience: Taxes, Immigration, Labor Relations
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You will NOT be taxed on the gift.

In the US gifts are specifically excluded from taxable income.

See the statute here

https://www.law.cornell.edu/uscode/text/26/102

(a) General rule

Gross income does not include the value of property acquired by gift, bequest, devise, or inheritance.

.

Donors in the US may be subject to gift tax - but because your mother is not under US jurisdiction - she will not have any US filing requirements.

Another issue is related to reporting requirements for gifts from nonresident alien - but the threshold is $100,000 - so you are not affected.

You might want to communicate with your banker - and notify them about that expected transfer - so that transaction would not look suspicious for your bank.

Otherwise - you will not have any tax obligations.

Let me know if you need any clarification this matter.

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Customer reply replied 7 months ago
Just for my clarification, the $15k is above the $10k threshold before the US bank reports to the IRS. When I get that 15K in my US account, the bank will not report this matter? Or should I break it up?

$10 reporting threshold is for cash transaction.

For transfers - there is no reporting requirements threshold.

However banks are required to report suspicious transactions above $5000.

Thus to avoid that - you may just communicate to your banker and provide any additional information if for some reason they will view that transaction suspicious.

Do not divide transaction into smaller amounts just to avoid reporting - that will not be correct.

Lev
Lev, Tax Advisor
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Satisfied Customers: 33,359
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