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    jmg1975's Avatar
    jmg1975 Posts: 1, Reputation: 1
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    #1

    Jun 18, 2010, 10:43 PM
    Do I have to pay taxes on 200K that my parents want to wire me as a gift?
    My parents are from Spain, and are not US Citizens or residents. They are Spanish citizens/residents. If they wire me 200K as a gift, what do I need to do/report? I live in MD and I'm a US citizen. I would really appreciate it if anybody knows and takes the time to asnswer :) Thanks
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Jun 21, 2010, 07:44 AM

    The value of gifts that you receive is not taxable to you.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #3

    Jun 21, 2010, 02:29 PM
    A transfer of that size WILL need to be reported on Form 3510, but ebaines is correct in his assertion that the transfer itself is NOT taxable.
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