Legal Question in Tax Law in California
Gift tax / Form 709
My godfather ( no blood relation) , an italian citizen wants to give me $250000 as gift. What are my tax implications? Does he has to file form 709? Does it even apply to him, a non U.S. citizen?
The donee, godson, is a U.S. citizen.
Thank you
2 Answers from Attorneys
Re: Gift tax / Form 709
Gift income is not taxable to you. Let Godfather get his own tax advice (a US national would be liable for gift tax). Now hurry up and cash the check before he changes his mind.
P.S.: I am assuming this is your real godfather and not some Internet scam. Never cash checks for people you don't know, especially "cashier's checks," and do not wire money or "change" to anybody by Western Union, for any reason, ever.
Re: Gift tax / Form 709
see:
unless your uncle is a US resident or an expatriate, he is not likely to incur gift tax.
see:
http://www.irs.gov/pub/irs-pdf/i709.pdf
you will need to report the gift to the IRS.
see:
http://www.irs.gov/pub/irs-pdf/i3520.pdf