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    wellywench's Avatar
    wellywench Posts: 2, Reputation: 1
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    #1

    Mar 23, 2009, 04:26 PM
    Tax on overseas financial gift?
    Hi there,
    I'm a Green Card Resident from the UK, married to a US Citizen since May of last year. My father who is also English and living in England, wants to send some money over that we can use as a deposit on buying a house. Where do we stand tax wise? And would he be liable for tax if the amount as the amount will be over $13,000 per person?
    Thanks in advance!
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Mar 23, 2009, 05:43 PM

    If your father is a foreign person, then he does not pay taxes in the U.S. No he does not have any gift tax liability.
    In U.S. the receiver of gift does not pay any tax. You may have to file Form 3520. Read more about gift tax Your U.S. Tax Return: The U.S. Gift Tax
    wellywench's Avatar
    wellywench Posts: 2, Reputation: 1
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    #3

    Mar 24, 2009, 03:50 PM
    Quote Originally Posted by MukatA View Post
    If your father is a foreign person, then he does not pay taxes in the U.S. No he does not have any gift tax liability.
    In U.S. the receiver of gift does not pay any tax. You may have to file Form 3520. Read more about gift tax Your U.S. Tax Return: The U.S. Gift Tax

    Thanks for your help MukatA :)
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