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    teramera's Avatar
    teramera Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 5, 2008, 09:53 AM
    Taxes on money received as gift from abroad
    Hello,
    If I were to receive some money as gift from abroad
    a) do I need to declare the money in my US tax returns?
    b) will there be tax implications?

    Thanks for your help,
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Feb 6, 2008, 02:19 PM
    a) No.

    b) Not if the amount is under $10,000. If it exceeds $10,000, you may have to submit a report to the IRS stating from where it came.
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