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-   -   Do I have to pay taxes on 200K that my parents want to wire me as a gift? (https://www.askmehelpdesk.com/showthread.php?t=480951)

  • Jun 18, 2010, 10:43 PM
    jmg1975
    Do I have to pay taxes on 200K that my parents want to wire me as a gift?
    My parents are from Spain, and are not US Citizens or residents. They are Spanish citizens/residents. If they wire me 200K as a gift, what do I need to do/report? I live in MD and I'm a US citizen. I would really appreciate it if anybody knows and takes the time to asnswer :) Thanks
  • Jun 21, 2010, 07:44 AM
    ebaines

    The value of gifts that you receive is not taxable to you.
  • Jun 21, 2010, 02:29 PM
    AtlantaTaxExpert
    A transfer of that size WILL need to be reported on Form 3510, but ebaines is correct in his assertion that the transfer itself is NOT taxable.

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