Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I'm a US residence who lived more than 183 days in a the…

Customer Question
I'm a US residence who...
I'm a US residence who lived more than 183 days in a the past year with an investment visa. I received $500K cash from my in laws and parents who live overseas in 2017. Do I have to report this on my tax return?
Submitted: 3 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 7 minutes by:
3/29/2018
Tax Professional: Barbara, Enrolled Agent replied 3 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,415
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Gifts are NOT taxable to U.S. residents so you would not report the gift on your tax return and no tax will be due.

Because the amount is over $100,000, you will have a REPORTING requirement only.

You will use Form 3520 to report the gift.

https://www.irs.gov/forms-pubs/about-form-3520

Please let me know if I can assist you further.

Thank you and best regards,

Barb

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Barbara Your Own Question
Barbara
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,415
6,415 Satisfied Customers
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

Barbara is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
Could I ask questions to someone who knows well about U.S
Hi, could I ask questions to someone who knows well about U.S nonresident alien income tax return? … read more
Mike-USACPA
Mike-USACPA
President
64 satisfied customers
Got a question for my AOS Dual-Status. I held F1 visa as a
I held F1 visa as a non-resident alien during the year of 2016 and until June of 2017, and submitted Adjustment of Status to Permanent Resident application on 06/10/2017. I received the EAD card on 09/28/2017, and began to work using the EAD card on 10/10/2017. My green card was approved on 12/15/2017.I want to file dual-status tax return for tax year 2017, but I don't know which period of 2017 I could be treated as a non resident. Should it be until the day I submitted the PR application, or the day I received the EAD card, or the day I used the EAD card or the day my green card was approved? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I am on an F2 visa, I arrived in Usa March 1 2017. I will be
Hi I am on an F2 visa, I arrived in Usa March 1 2017. I will be staying for more than a year. I make investments in stocks and options in many brokers, one of them based in Usa. I neeed a tax service … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Are international students (f-1 visa) considered US person
Are international students (f-1 visa) considered US person or non-US person on tax matters when they are on OPT status?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
This is a question to a Tax Attorney. It relates to days
This is a question to a Tax Attorney. It relates to days counting for a NRA that do not want to be considered US Tax Resident under the Substancial Presence Text. 1) Background: A person is completing… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
This is a question for Dr. Guillermo J. Senmartin. It
This is a question for Dr. Guillermo J. Senmartin. It relates to days counting for a NRA that do not want to be considered US Tax Resident under the Substancial Presence Text. 1) Background: A person … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
How to get taxes when I have not met the 6-month visa rule?
I was working in OZ and now in Thailand. I tried to claim my tax back and I am 10 days short from 6 months. My visa expires end of April 2017. I want to go back to OZ to claim my tax but is there a sp… read more
Barbara
Barbara
Enrolled Agent
6,415 satisfied customers
I'm an Estonian citizen (EU) relocating to the US next
I'm an Estonian citizen (EU) relocating to the US next month. Could you please specify whether my visa (O1) or staying in USA will create me US domestic tax residency and if yes, from which moment?… read more
Barbara
Barbara
Enrolled Agent
6,415 satisfied customers
I am planning to obtain L1 visa in December and arrive in US
I am planning to obtain L1 visa in December and arrive in US near that time. If I have pass the subtantial presence test during 2017. Am I subject to be taxed on my worldwide income by IRS? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I am a Chinese, I need to take my boys to US , so I have a L1 visa, but
Hello, I am a Chinese, I need to take my boys to US for school, so I have a L1 visa, but my husband and I have company in both China and HK , do I need to pay global tax to US? How can I prevent payin… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Hi Tax Professional, If a L1 visa holder lives in the US
Hi Tax Professional, If a L1 visa holder lives in the US more than 183 days with his wife and the son. Could they claim the child as a dependent and also claim for child tax credit? As the rule of qua… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
27,134 satisfied customers
Are there any differences in the taxes that have to be paid
Are there any differences in the taxes that have to be paid for foreigner (from Colombia) holding an H1/L1 visa vs holding a Green Card? I am concerned because I do have rental property in Colombia an… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I notice Singapore has a lower tax rate. How can this help
I notice Singapore has a lower tax rate. How can this help me? What are the tax implications if I set up an investment/trading account in Singapore, trading or investing with a US broker? I'm currentl… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
27,134 satisfied customers
Dear Just answer, Im a post doctoral associate from Italy.
Dear Just answer, I'm a post doctoral associate from Italy. I was told I don't have to pay neither fed taxes nor State Taxes (I work in NC) for the first 3/5 years due to a "threat" (or something simi… read more
Anne
Anne
Master Tax Preparer
2,345 satisfied customers
Physically present outside india for more than 183 days in
Physically present outside india for more than 183 days in the F.Y. But 1st 90 days was on business trip as employee of Indian company. Then returned back on the 90th day and went back again on 90 day… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
my fiance is a german national working for a german company
my fiance is a german national working for a german company overseas. She bought a house in the United States in which I am now living. She also funds a U.S. bank account to provide funds for property… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
Subject Can I claim my parents (on visitor visa) as
Subject: Can I claim my parents (on visitor visa) as dependents My parents will be visiting me in 2006 for 6 months. They are neither U.S. citizens nor permanent residents and they come on visitor vis… read more
RD
RD
Self Employed
Master\u0027s Degree
1,164 satisfied customers
is that can i claim for my parents has a dependent on ...
is that can i claim for my parents has a dependent on my tax return? My parents came to US on B2(tourist visa). How many days they should stay in USA.… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x