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,
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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,
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.
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