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    vasan_nj's Avatar
    vasan_nj Posts: 3, Reputation: 1
    New Member
     
    #1

    May 18, 2010, 11:26 AM
    Foreign Gift: Report or Not?
    Hi,

    If I (resident alien for tax purposes) receive a gift of around USD30K from my father (neither a U.S citizen nor a non resident alien) as a wire transfer from his foreign currency account overseas to my US bank account do I need to report it in Form 3250? Also what is the implication on the state taxes (New Jersey)?

    Thanks,
    Vasan
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
     
    #2

    May 19, 2010, 05:16 AM

    No, it is not taxable and you do not file Form 3520.
    vasan_nj's Avatar
    vasan_nj Posts: 3, Reputation: 1
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    #3

    May 19, 2010, 10:00 AM

    Thanks for the advice. Will there be any implication on state level?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #4

    May 19, 2010, 02:20 PM
    No, there is NO gift tax at the state level.
    vasan_nj's Avatar
    vasan_nj Posts: 3, Reputation: 1
    New Member
     
    #5

    May 19, 2010, 08:48 PM

    That solves my problem. Thanks so much.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #6

    May 21, 2010, 10:47 AM
    Glad to help!

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