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vasan_nj
May 18, 2010, 11:26 AM
Hi,

If I (resident alien for tax purposes) receive a gift of around USD30K from my father (neither a U.S citizen nor a non resident alien) as a wire transfer from his foreign currency account overseas to my US bank account do I need to report it in Form 3250? Also what is the implication on the state taxes (New Jersey)?

Thanks,
Vasan

MukatA
May 19, 2010, 05:16 AM
No, it is not taxable and you do not file Form 3520.

vasan_nj
May 19, 2010, 10:00 AM
Thanks for the advice. Will there be any implication on state level?

AtlantaTaxExpert
May 19, 2010, 02:20 PM
No, there is NO gift tax at the state level.

vasan_nj
May 19, 2010, 08:48 PM
That solves my problem. Thanks so much.

AtlantaTaxExpert
May 21, 2010, 10:47 AM
Glad to help!