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-   -   Foreign Gift: Report or Not? (https://www.askmehelpdesk.com/showthread.php?t=471576)

  • May 18, 2010, 11:26 AM
    vasan_nj
    Foreign Gift: Report or Not?
    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
  • May 19, 2010, 05:16 AM
    MukatA

    No, it is not taxable and you do not file Form 3520.
  • May 19, 2010, 10:00 AM
    vasan_nj

    Thanks for the advice. Will there be any implication on state level?
  • May 19, 2010, 02:20 PM
    AtlantaTaxExpert
    No, there is NO gift tax at the state level.
  • May 19, 2010, 08:48 PM
    vasan_nj

    That solves my problem. Thanks so much.
  • May 21, 2010, 10:47 AM
    AtlantaTaxExpert
    Glad to help!

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