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Cash007
Apr 5, 2013, 05:45 PM
I am employed in the US but not a US citizen. My uncle, who is not a US citizen either and lives overseas, would like to gift me money by sending it as a wire transfer from he's account overseas to mine in the US. Assuming the amount is between US $500K - $1M, what would be my IRS Tax filing/declaration requirements if any? Would I have to actually pay any taxes?

AtlantaTaxExpert
Apr 5, 2013, 10:53 PM
NO taxes will be due, but the transaction will need to be reported on Form 3520.