Hi I am on H4 visa. I am planning to open a joint account with my husband. Our parents
Are visiting us for from India for a couple of months. They wanted to give us gift of some amount in dollars (in cash) which they will be bringing while visiting us . I wanted to know if we can deposit that amount in my proposed account or in my husbands savings. Account. What is the law on this and the limit on the amount that can be given, what are the documents that will be needed and what are the tax implications. Advice

Thanks
SS

Account. What is the law on this and the limit on the amount that can be given, what are

The documents that will be needed and what are the tax implications. Advice

Hello s:

There are no limits. If the amount is more than $10,000 they'll make a report to the IRS. But, that's to catch money launderers - not people like you. When and if the IRS contacts you, simply tell them where the money came from.

I'm sorry. I can't help you with any of the tax implications of this transaction.

excon