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

    Nov 16, 2009, 03:43 PM
    Is there gift tax on foreign money?
    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
    IntlTax's Avatar
    IntlTax Posts: 831, Reputation: 23
    Tax Expert
    		  
    #2

    Nov 18, 2009, 09:14 AM

    No U.S. gift tax would be due as long as he wire transfers the money from his foreign bank account into your U.S. bank account. If the gift amount exceeds US$100,000, then the receipt of the gift must be reported by you on Form 3520 (but no gift tax is due).
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