jescobaru
Feb 24, 2010, 08:21 AM
How much money gitf me and my wife can receive for our parents to use it as a downpayment or investment here in USA? I hold an L1 visa. Many thanks for your help
MukatA
Feb 25, 2010, 01:11 AM
In the U.S. the receiver of the gift does not pay any tax.
If your parents are not U.S. citizen or resident, they can send you any amount.
If your parents are U.S. citizen or resident, each can give each of you $13,000 in a year without filing gift tax return. Your U.S. Tax Return: The U.S. Gift Tax (http://taxipay.blogspot.com/2008/03/us-gift-tax.html)