My dad who resides overseas would like to give me a gift in the form of cash. I am aware that gift donors have tax implications (in the US), but my understanding is that US recipients of cash gifts do not have any income tax implications regardless of the amount of the cash gift. Is that accurate? Appreciate your thinking on this. nm
snipped-for-privacy@yahoo.com posted:
You've got it right: the recipient of a gift faces absolutely no tax consequences. The giver may have to file a form, which relates to the estate limitations -- but that's no problem for the person who receives the gift. Bill
You, as the recipient of the gift have no income or gift tax issues. The donor of the gift (your father) could have gift tax issues that may need to be addressed. ___________________________________
-----> real address on hobokeni or hobokenx
Is your Dad a US Citizen even though he is a foreign resident?
You may have a reporting requirement. See Form 3520 on the IRS web site.
-- Drew Edmundson, CPA Cary, NC
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