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-   -   Gift from wire transfer overseas of more than $10,000, taxable? (https://www.askmehelpdesk.com/showthread.php?t=724623)

  • Dec 27, 2012, 06:23 PM
    mtbreed
    Gift from wire transfer overseas of more than $10,000, taxable?
    I received $10,963. In my bank account today from my aunt in Italy. She is giving me money to help pay for my son's college. He is 22.
    Do I pay taxes on it? Should I transfer it all to his account so he can pay taxes on it instead?

    Please help, Moni
  • Dec 27, 2012, 10:08 PM
    AtlantaTaxExpert
    No taxes are due from you or your son.

    There are NO transfer taxes. Since the money is a gift, there is no income tax.

    The amount is well below the $13,000 exemption amount, so no gift tax (which would be paiod by your aunt) is due.

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