Today TaxMama hears from Barbara in Oregon who has a question.
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“My parents (non US citizens) have sold their property in Argentina to an American. They asked him to transfer the ,000 payment directly to me as a gift.
Do I need to report this to the IRS?
Will I be taxed on it? I couldn’t find anything on your website regarding receiving gifts.”
Great news. You don’t have any tax consequences. I’d just make sure to get some paperwork from your parents – in English, that proves this is a gift. That’s just in case you’re ever audited and want to be able to prove that the money isn’t
If the gift were larger, say $100,000 or more, you’d need to file a report with IRS on Form 3520, giving them all the particulars.
For $32,000, you don’t need to do a thing. Enjoy the gift!
And remember, you can find answers to all kinds of questions about receiving gifts and other tax issues, free.
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Where? Where else? At TaxMama.com
- Ask TaxMama :: Where taxes are fun and answers are free
- www.TaxQuips.com :: The number ONE free tax podcast online
- IRS Form 3520 – instructions :: Reporting Foreign Gifts and Transfers