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

    Dec 27, 2012, 06:23 PM
    Gift from wire transfer overseas of more than $10,000, taxable?
    I received $10,963. In my bank account today from my aunt in Italy. She is giving me money to help pay for my son's college. He is 22.
    Do I pay taxes on it? Should I transfer it all to his account so he can pay taxes on it instead?

    Please help, Moni
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Dec 27, 2012, 10:08 PM
    No taxes are due from you or your son.

    There are NO transfer taxes. Since the money is a gift, there is no income tax.

    The amount is well below the $13,000 exemption amount, so no gift tax (which would be paiod by your aunt) is due.
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