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    yair333's Avatar
    yair333 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Oct 22, 2012, 02:38 PM
    Gifting foreign money
    Hello,
    I am a US Citizen, married to a non US Citizen, I have a dual Citizenship and currently living out of the US, My father in low gave as about $120,000 as a gift to buy a home, the money stayed in my foreign account for a few days until it was transferred to the contractor (it's a new house). I had filed the FBAR and my question is if I will I have to pay taxes on this gift money as well, also, do I have to report this gift on my income tax return? My father in low is not a US Citizen.
    Any help will be appreciated.
    Tnx
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Oct 22, 2012, 05:45 PM
    No, gifts from non-resident aliens are NOT subject to U.S. gift taxes, even if the recipient is a U.S. citizen.
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