Ask Experts Questions for FREE Help !
Ask
    Trankilo's Avatar
    Trankilo Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Sep 30, 2011, 10:04 AM
    TAX NRA/ Foreign National gifting under $100,000 a year to US Citizen pay tax?
    The qustion is relevant not only to tax payments but also keeping in mind that the NRA uses an account for NRA (so no SS#) on a US bank to draw checks that are deposited on a personal account by the daughter who is a US citzen. The NRA account is funded solely through foreign deposits. No property or real tangible assets are held by the NRA (other than bank accounts)in the U.S. It is understood that any amount over $100,000 per year must be reported but not necessarily carries tax implications right?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Oct 4, 2011, 08:03 AM
    That MAY be a matter reported on Form 3520, to explain the source of the funds.

    Other than that, there are NO tax implications for the non-resident alien (NRA).
    Trankilo's Avatar
    Trankilo Posts: 3, Reputation: 1
    New Member
    		  
    #3

    Oct 4, 2011, 10:17 AM
    Thank you... what about Tax implications for the US Citizen receiving these funds from a NRA (direct Relative, Parent)
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Oct 4, 2011, 01:54 PM
    The recipient will be one filing the Form 3520, but as long as it is clear that it is a gift, NO taxes will be due.
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!

Tax: How to bring $50000 from a foreign country, pay no tax & use money for mortgage? [ 5 Answers ]

Need to bring $50,000 cash into US. Was given as a gift from non US citizen/resident family member. Can I bring it into US, pay no tax and use it to pay as down payment for a house? How do I prove that it was a gift from family member outside the US? Thanks!

How not to pay US taxes of a no tax foreign income [ 1 Answers ]

I'm a danish zitizen married to an american wife. I have a danish address. I'm hired by a danish shipping company A.P. Moller Maersk. My salaray goes to a danish bank I'm a marine engineer hired under the so called danish DIS agreement - tax free income. My tax free income is $54.000 a year. ...

NRA tax return for SS and Medicare tax withheld [ 5 Answers ]

Hi, Sorry if this has already been asked. Some information about me: Current Visa: H1-b (Effective October, 2008) Previous Visa: F-1 (Aug 2005 - Oct 2008) Based on my search, I think I need to file 1040NREZ and 8843. I do have a question about the social security and medicare tax...

How much is gift tax on $100,000? [ 6 Answers ]

My parents are looking into helping me with a down payment on an apartment. The rule for gift tax is each parent can give you $13,000 per year without being taxes. But, if my parents wanted to give me $100,000 for a down payment on an apartment, how much would that be taxed? If anyone can point...

Form 1116, foreign tax credit: Tax paid vs tax accrued, exchange rates and dates [ 2 Answers ]

Hi, I'm applying for foreign tax credit on taxes I've paid / accrued on interest earned in savings accounts and certificate deposits in New Zealand. For cds, the bank statements don't give precise dates for when taxes were withheld. And so I have several questions relating to form 1116, Part II: ...

View more questions Search