Hi everyone. Our relatives are concidering a gift of cash to us. I understand that there is no tax liability for us.. But.. What forms and such would THEY need to file, and would THEY end up with any tax liability?.. The interesting part is, they are neither citizens, nor residents, BUT, the father would like to use funds he has in USA bank, from years ago when he did work over here for a time. I dont beleive he files a US return anymore because he hasnt sufficient income stateside now. But if he gifts the money from this account , might he need to file for the year in which he gives the gift of money?
(The amount I dont know..Over 10K but less than 100K I am pretty sure)..
Any help greatly appreciated.
Cheers G
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