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    lamrumot's Avatar
    lamrumot Posts: 3, Reputation: 1
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    #1

    Aug 19, 2009, 03:03 PM
    Transferring euros from Europe - tax implications
    Hi,

    I'm currently unemployed. My mother would like to lend or give me money from an account in Europe to get me by until I'm employed again. What are the tax implications, how much can she wire transfer to me, what documentation and IRS forms would I need etc?

    Any insight would be appreciated!
    IntlTax's Avatar
    IntlTax Posts: 831, Reputation: 23
    Tax Expert
    		  
    #2

    Aug 19, 2009, 06:58 PM

    Is your mother a U.S. citizen or a U.S. resident?

    Will she give you the money or will she lend it to you?

    How much money?
    lamrumot's Avatar
    lamrumot Posts: 3, Reputation: 1
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    #3

    Aug 19, 2009, 07:46 PM

    That's what I'm asking... how much can she give me vs loan me? What's the difference if she is a US citizen or not?
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #4

    Aug 19, 2009, 09:51 PM

    If your mother is not a U.S. person, then she can send you any amount as loan or gift. However for gifts or inheritances of over $100,000 you may be required to file Form 3520.

    If your mother is a U.S. person, then she can give you gift of up to $13,000 If it is loan, then she must charge interest.
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