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

    Jun 10, 2009, 09:12 AM
    International money transfer
    I am a US citizen living in the states. I am to receive a lot of gift money from a relative oversees, who is not a citizen of the US. Is there a maximum international wire transfer amount allowed per year or per life-time? Is any this going to be taxed?
    tickle's Avatar
    tickle Posts: 23,796, Reputation: 2674
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    #2

    Jun 10, 2009, 09:20 AM

    In Canada a gift of money isn't taxable, but financial institution should be alerted with proper documentation. They are bound by law to report any unusual large amount of money coming from off shore sources because of money laundering schemes. I would suggest you check with your bank for proper procedure.

    Tick
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #3

    Jun 10, 2009, 10:44 AM

    The receiver of the gift does not pay any tax in the U.S.
    However, if the gift amount exceeds about $100,000, then you must file Form 3520.
    Your U.S. Tax Return: The U.S. Gift Tax
    IntlTax's Avatar
    IntlTax Posts: 831, Reputation: 23
    Tax Expert
    		  
    #4

    Jun 10, 2009, 01:23 PM

    No maximum amount allowed. As MukatA points out, Form 3520, Part IV may be required.

    Also, make sure this is not a scam. Hopefully you knew about the relative before they left you all this money.
    lhk99's Avatar
    lhk99 Posts: 2, Reputation: 1
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    #5

    May 6, 2012, 08:18 AM
    Do I need to pay taxes if I inherited us 3.7million from saxon bank in spain?
    lhk99's Avatar
    lhk99 Posts: 2, Reputation: 1
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    #6

    May 6, 2012, 08:22 AM
    Do I need to pay taxes if I inherited us3.7million from Saxon bank in Spain
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