Ask Experts Questions for FREE Help !
Ask
    Cash007's Avatar
    Cash007 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Apr 5, 2013, 05:45 PM
    Overseas Money Transfer/Gift
    I am employed in the US but not a US citizen. My uncle, who is not a US citizen either and lives overseas, would like to gift me money by sending it as a wire transfer from he's account overseas to mine in the US. Assuming the amount is between US $500K - $1M, what would be my IRS Tax filing/declaration requirements if any? Would I have to actually pay any taxes?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Apr 5, 2013, 10:53 PM
    NO taxes will be due, but the transaction will need to be reported on Form 3520.
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!

Overseas Money Transfer/Gift [ 50 Answers ]

I am employed in the US but not a US citizen. My mother, who is not a US citizen either and lives overseas, would like to gift me money by sending it as a wire transfer from her account overseas to mine in the US. Assuming the amount is between US $50K - $100K, what would be my IRS Tax...

Gift from wire transfer overseas of more than $10,000, taxable? [ 1 Answers ]

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

Please Help, overseas Money/Gift transfer, UK to US.. [ 10 Answers ]

I am a US resident/citizen and my friend wishes to gift me 100k. He was a US resident but has been living in the UK for the past 8 years. From my understanding, he never renounced his US citizenship. What is the BEST way to go about receiving this 100k gift? What are the tax implications? Any...

Overseas money transfer [ 3 Answers ]

My wife is a British citizen and would like to wire transfer some ($80K) money from her UK account to US bank account. What does she owe the IRS? Are there any forms I need to file with IRS? She is a resident alien and we file jointly for tax purposes.

View more questions Search