If wire transfer money gifts from my son taxable? I am retired, 68 years old. My social Security income is very limited. I am US citizen. My son is a citizen of other
country.
Asked on 11/19/13, 9:36 am
2 Answers from Attorneys
John DeLancett
Law Offices of John DeLancett, PL.
A true gift is not taxable to you. However, depending on the amount and if he is a US citizen, a green card holder or permanent US resident, he may be liable for gift tax.
Answered on 11/19/13, 11:02 am
Kevin Pollock
Law Office of Kevin A. Pollock LLC
As John stated, the gift is not taxable to you. However, if it is in excess of $100,000, you will need to report it: http://willstrustsestates.blogspot.com/2013/06/receiving-gifts-or-inheritance-from.html
Best of luck.
Answered on 11/20/13, 7:55 am
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