Is a gift from family members abroad taxable?
January 18, 2002
Date: Sat, 15 Dec 2001
If I use gift money given to me from family abroad ($80,000) do I have to report this when I file my taxes?
Date: 26 Dec 2001
Money received as a gift from family members is not subject to U.S. income taxes.
However, your family members may be subject to gift taxes.
They should consult with their own tax advisors.
For answers to new questions, subscribe to our newsletter, Michael Gray, CPA's Tax & Business Insight by filling out the form below.
Home Newsletter Archive Introducing Michael Gray, CPA Articles Tax FAQ Need Help? Other Links