Legal Question in Tax Law in California
I received $3000 from my parents during 2009 from overseas about 4 times. Do I owe any tax. Some of my friends told me as long as it does not exceed $10000 at one time I will be ok. Is this true?
Asked on 3/20/10, 4:01 pm
1 Answer from Attorneys
Donald Field
Donald L. Field, Jr., Attorney at Law
no, the threshold for reporting foreign gifts is more than $100,000 in one tax year. see:
"http://www.irs.gov/instructions/i3520/ch01.html"
Answered on 3/26/10, 8:45 am
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