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teramera
Feb 5, 2008, 09:53 AM
Hello,
If I were to receive some money as gift from abroad
a) do I need to declare the money in my US tax returns?
b) will there be tax implications?

Thanks for your help,

AtlantaTaxExpert
Feb 6, 2008, 02:19 PM
a) No.

b) Not if the amount is under $10,000. If it exceeds $10,000, you may have to submit a report to the IRS stating from where it came.