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

    Jul 29, 2012, 08:44 PM
    Foreign SSN holder as gift donor tax question
    Hi,

    I'm currently a H1B work permit holder in the States, and I'm looking into buying a house. My parents are not US citizens, and not resident of the States, and they are living in a my home country. However, they do hold SSN (acquired >10 years ago when they worked temporarily in the States). They are willing to wire transfer some money (less than $100,000) from their account (in my home country) to my bank account in the States. And I'm wondering if there will be any gift tax implications in this case.

    An additional question, if my parents send me $100,000 and my parents-in-law send me another $100,000, do I need to report the gift? What if parents-in-law send to my wife's account?

    Thanks a ton for any help!
    -Jeff
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
    		  
    #2

    Jul 30, 2012, 06:15 AM
    Quote Originally Posted by jeffzhang View Post
    I'm wondering if there will be any gift tax implications in this case.
    No - gift taxes are applicable only to citizens and residents of the US. Your parents are neither, so they have no gift tax issues.

    Quote Originally Posted by jeffzhang View Post
    An additional question, if my parents send me $100,000 and my parents-in-law send me another $100,000, do I need to report the gift?
    No - recipients of gifts do not need to report gifts to the IRS. However, any transfers >$100K from foreign countries typically have to be reported on Firm 3520 even though there is no tax on transfers.
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!

Foreign gift tax ? [ 2 Answers ]

Hi, My mom is a U.S. legal resident and she has a bank account oversea. If she transfers some of her money into my bank account oversea. Does she owe gift tax on that transaction ? Thank you

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

How to fill tax return form for married+1 H1b holder with wife and son having no SSN [ 5 Answers ]

Here is my situation: I am a posdoc has been working in MA for almost 10 month (moved from Europe). I am here on H1b visa with my wife and 14-year old son. They both on H4, so there are no SSNs (they can't work in the USA) and there is no any additional income for our family. Practically, I have...

State tax filing for F1 visa holder - spouse has no ITIN/SSN [ 7 Answers ]

Hello, I am a student on an F-1 visa , and have a wife on an F-2 dependent visa. I can file the federal tax forms without an ITIN for my wife as I will be completing a W7 to apply for an ITIN. How can I claim my wife on any of the state tax forms, as they ask for the spouse's ITIN? Thanks in...

View more questions Search