Legal Question in Tax Law in Texas

Any tax on received gifts?

My parents (citizens of India) want to gift me $ 20,000.

Do I have to pay any tax on this gift. My parents pay their

income tax in India as they are citizens of that country.

If there is any tax consequence, can this be decreased by my parent gifting say 10000 each to me and my wife?

Thanx


Asked on 9/27/05, 10:41 am

1 Answer from Attorneys
Lawrence Graves Coolidge & Graves PLLC

Re: Any tax on received gifts?

Gifts are taxed to the donor rather than the recipient, under U.S. tax law; if your parents are not U.S. taxpayers, then there is no U.S. tax liability.

Best wishes,

/LDWG/

.

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Answered on 9/27/05, 10:47 am


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