Legal Question in Tax Law in California

International Money Gift - Consequences?

My relative in China (Chinese citizen) wants to give a money gift to me (approximately $100,000) to help purchase a home. What tax consequences does she have? What requirements are there? Would I have any tax consequences?


Asked on 2/03/08, 10:31 am

2 Answers from Attorneys
Lew Wiener Law Office of Lewis R Wiener

Re: International Money Gift - Consequences?

There are no U.S. tax consequences to you. I have no idea what tax consequences, if any there might be to either of you in China.

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Answered on 2/03/08, 3:54 pm
Donald Field Donald L. Field, Jr., Attorney at Law

Re: International Money Gift - Consequences?

there are no us income or gift tax consequences for either you or your relative. however, if you receive gifts of more than $100,000 in one tax year, you are required to report this to the irs.

see:

http://www.irs.gov/pub/irs-pdf/i3520.pdf

in any case, keep good records for the gift (in case you are audited by the irs for some other reason in the future and you need to prove that this was a gift and NOT taxable income).

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Answered on 2/08/08, 11:37 am


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