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#5
01-22-2006, 12:13 PM
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 Re: Taxation of gifts from foreigners Sam Dickens wrote: - quote - > "A.G. Kalman" <glendale202-tax[at]yahoo.com> wrote:
I assumed we were discussing an amount that was not more> > euroman812[at]yahoo.com wrote: > > > I am a foreign citizen, but I work in the U.S. and pay taxes > > > here. My father, who is a foreigner and does not live or > > > work in the U.S. plans to give me a cash gift, the sum of > > > which is above $11,000. I have two questions: > > > > > 1. A U.S. donor would need to file a gift tax form in this > > > situation. Does my father - a foreign national - need to? > > No US gift tax form is required. > > > 2. Do I, as a recipient of gift, need to file any special > > > tax forms or indicate the gift on my standard tax return? > > Bona fide gifts are not income. There is nothing for you to > > report. > I don't disagree with how you've replied, but I question > whether there isn't some other statute the original poster > has to consider, such as the Patriot Act or a Money > Laundering statute, or otherwise along this vein. > I think it's unlikely nonresident aliens can send money into > the US in any denomination without some type of reporting > requirement. When you return to the US from overseas, isn't > there a question on the Customs form which asks about > carrying cash into the US? > Also, add a few zeroes to the amount in question here. The > poster is sitting with near zero in his bank account (let's > hypothesize), and then all of a sudden has $12 million > because he was gifted it by the nonresident alien. This > money starts earning interest, and/or the poster uses it to > purchase other assets. Seems to me someone ought rightly > question where the money came from. The poster is going to > want to show it came from a legitimate source (as opposed to > narcotics, etc., or whatever else the Feds might allege), > hence I'm thinking there must be some reporting to do. than $100K (probably a bad assumption given that the poster used the words "above $11,000." If a US person receives gifts in excess of $100,000 from a nonresident alien or foreign estate, then a Form 3520 must be filed by the US person. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#4
01-20-2006, 10:54 PM
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| Re: Taxation of gifts from foreigners "A.G. Kalman" <glendale202-tax[at]yahoo.com> wrote: - quote - > euroman812[at]yahoo.com wrote:
I don't disagree with how you've replied, but I question> > I am a foreign citizen, but I work in the U.S. and pay taxes > > here. My father, who is a foreigner and does not live or > > work in the U.S. plans to give me a cash gift, the sum of > > which is above $11,000. I have two questions: > > > 1. A U.S. donor would need to file a gift tax form in this > > situation. Does my father - a foreign national - need to? > No US gift tax form is required. > > 2. Do I, as a recipient of gift, need to file any special > > tax forms or indicate the gift on my standard tax return? > Bona fide gifts are not income. There is nothing for you to > report. whether there isn't some other statute the original poster has to consider, such as the Patriot Act or a Money Laundering statute, or otherwise along this vein. I think it's unlikely nonresident aliens can send money into the US in any denomination without some type of reporting requirement. When you return to the US from overseas, isn't there a question on the Customs form which asks about carrying cash into the US? Also, add a few zeroes to the amount in question here. The poster is sitting with near zero in his bank account (let's hypothesize), and then all of a sudden has $12 million because he was gifted it by the nonresident alien. This money starts earning interest, and/or the poster uses it to purchase other assets. Seems to me someone ought rightly question where the money came from. The poster is going to want to show it came from a legitimate source (as opposed to narcotics, etc., or whatever else the Feds might allege), hence I'm thinking there must be some reporting to do. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#3
01-19-2006, 03:10 AM
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| Re: Taxation of gifts from foreigners Thanks everyone for the responses! << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#2
01-18-2006, 05:46 AM
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| Re: Taxation of gifts from foreigners euroman812[at]yahoo.com wrote: - quote - > I am a foreign citizen, but I work in the U.S. and pay taxes
No US gift tax form is required.> here. My father, who is a foreigner and does not live or > work in the U.S. plans to give me a cash gift, the sum of > which is above $11,000. I have two questions: > 1. A U.S. donor would need to file a gift tax form in this > situation. Does my father - a foreign national - need to? - quote - > 2. Do I, as a recipient of gift, need to file any special
Bona fide gifts are not income. There is nothing for you to> tax forms or indicate the gift on my standard tax return? report. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#1
01-18-2006, 05:46 AM
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| Re: Taxation of gifts from foreigners "euroman812[at]yahoo.com" <euroman812[at]yahoo.com> wrote: - quote - > I am a foreign citizen, but I work in the U.S. and pay taxes
Answer to both questions is no, and cites cost money.> here. My father, who is a foreigner and does not live or > work in the U.S. plans to give me a cash gift, the sum of > which is above $11,000. I have two questions: > 1. A U.S. donor would need to file a gift tax form in this > situation. Does my father - a foreign national - need to? > 2. Do I, as a recipient of gift, need to file any special > tax forms or indicate the gift on my standard tax return? > Any thoughts or links to resources discussing taxation of > gifts from foreign nationals would be appreciated. -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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01-18-2006, 05:46 AM
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| Re: Taxation of gifts from foreigners euroman812[at]yahoo.com asked: - quote - > I am a foreign citizen, but I work in the U.S.
Simple logic suggests that your father is governed by the> and pay taxes here. My father, who is a > foreigner and does not live or work in the U.S. > plans to give me a cash gift, the sum of which > is above $11,000. I have two questions: > 1. A U.S. donor would need to file a gift tax > form in this situation. Does my father - a > foreign national - need to? tax laws of his home country, and need not answer to the IRS. - quote - > 2. Do I, as a recipient of gift, need to file any
No.> special tax forms or indicate the gift on my > standard tax return? Bill << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
01-17-2006, 02:27 AM
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| Taxation of gifts from foreigners I am a foreign citizen, but I work in the U.S. and pay taxes here. My father, who is a foreigner and does not live or work in the U.S. plans to give me a cash gift, the sum of which is above $11,000. I have two questions: 1. A U.S. donor would need to file a gift tax form in this situation. Does my father - a foreign national - need to? 2. Do I, as a recipient of gift, need to file any special tax forms or indicate the gift on my standard tax return? Any thoughts or links to resources discussing taxation of gifts from foreign nationals would be appreciated. Thanks! Andy Euroman << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| foreigners, gifts, taxation |
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