Ask Experts Questions for FREE Help !
Ask
    vasan_nj's Avatar
    vasan_nj Posts: 3, Reputation: 1
    New Member
    		  
    #1

    May 18, 2010, 11:26 AM
    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
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    May 19, 2010, 05:16 AM

    No, it is not taxable and you do not file Form 3520.
    vasan_nj's Avatar
    vasan_nj Posts: 3, Reputation: 1
    New Member
    		  
    #3

    May 19, 2010, 10:00 AM

    Thanks for the advice. Will there be any implication on state level?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    May 19, 2010, 02:20 PM
    No, there is NO gift tax at the state level.
    vasan_nj's Avatar
    vasan_nj Posts: 3, Reputation: 1
    New Member
    		  
    #5

    May 19, 2010, 08:48 PM

    That solves my problem. Thanks so much.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #6

    May 21, 2010, 10:47 AM
    Glad to help!
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Taxes on inheritance or gift originating from a foreign country? [ 6 Answers ]

Would I have to pay taxes on gifts or inheritance that I may receive from a family member in a foreign country? Amount may be in seven figures. If so, anyone know if there are any loopholes that I may be able to take advantage of? And how much in taxes do I have to pay? Any response would be...

Is there gift tax on foreign money? [ 1 Answers ]

Hi my name is Olesya, and I am resident of USA since 2005 trying to buy a condo here. My Dad lives in Latvia and wants to transfer me money from his saving for the downpayment (100,000.00$) My question is: Would he have to pay gift tax on it, or I will have to pay something? Thank you

Foreign Gift tax [ 1 Answers ]

I received 200K foreign gift. How can I transfer back to US? Is there any tax implication? What forms I need to file? Thanks

Foreign-based contractors - how to report [ 5 Answers ]

LLC uses contractors work. For US based contractors everything is clear; just need to file 1099 and report it accordingly in tax return. How to report/deduct expenses on contractor's work, if the company-contractor is a foreign-based and pays taxes locally in their country. Main question is how...

Inheritance or Gift and do I report it [ 16 Answers ]

My father died in 2001 and did not have a chance to revise his will, so my sister and my mother were the only ones on it. The will was dated from before I was born and by the time he died my mother and him were divorced. We agreed to split everything between my sister and I. We sold the condo...

View more questions Search