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    molatte's Avatar
    molatte Posts: 4, Reputation: 1
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    #1

    Jun 1, 2010, 12:38 AM
    US tax liability on transferring own funds to US
    My parents are thinking of gifting me $100,000. Will this amount be taxable? Does it have to be reported to the IRS? How? Form? Both parents and I reside in US and are citizens.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
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    #2

    Jun 1, 2010, 02:38 AM

    The receiver of a gift does not pay any gift tax or files any gift tax return. The donor can give gifts of up to $13,000 in a year to any number of individuals. If any gift exceeds $13000, the donor must file gift tax return Form 709. There is a life long gift amount exclusion of 1 million. So the donor will not pay any gift tax.
    The exclusion amount used is added back to the estate when the donor dies. Your U.S. Tax Return: The U.S. Gift Tax
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