C
Constance A
Apr 13, 2021
Receiving cash from overseas as a gift. Do I have to pay taxes on i
Hi, i'm a green card holder, my parent from overseas would like to send me some money, but I don't know how it works with the IRS. Please help me out! Thanks in advance.
11
Gucci GApr 13, 2021
You might not need to file tax since it is a gift.
m
mykemyke kemyApr 13, 2021
you can look at IRS website, you will not have to pay taxes on it because it is a gift. Usually it is the one who send gift who pays taxes if it is more than 15K (I think so but look it up, just Google gift+taxe+IRS). Enjoy your gift my friend
C
Constance AApr 13, 2021
@Gucci G: Thanks for responding @mykemyke: My parents are foreigners. I've already researched, if the cash gift is less than $100,000 , I don't have to report. But what if it is sent through bank account, instead of hand to hand? of course the bank will notice the amount is more $10k, will they require documentation or explanation? Thank you very much.
Mitch NKApr 13, 2021
no explanation to anyone. receive your money and enjoy your life my friend.
Gucci GApr 13, 2021
No need for documentation. But because the amount is up to $10,000, your bank will file report with Financial intelligence Unit, just notifying them of the transaction-which is what they do from the back office. That is what banks do everyday for transactions that fall into reporting ranges
A .Apr 13, 2021
interesting to know @Constance since am planning to transfer my retirement funds above $10k
C
Constance AApr 13, 2021
@Mitch NK: Thanks, I hope so.
C
Constance AApr 13, 2021
@Gucci G: How about dividing a small amount each time? As long as below $10,000.
C
Constance AApr 13, 2021
@A.: You never know if you never ask right, turned out you're not alone. lol. so Are you sending out of United States?

Popular hashtags