Will I owe taxes on a gift received from overseas? 2 Answers as of September 07, 2010

A foreign family member wants to gift me a large sum of money. He will obviously pay all of the requisite taxes that pertain to his jurisdiction. What sort of tax liability will I be looking at? Thanks.

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E. Ray Critchett, Zaino & Humphrey, LPA
E. Ray Critchett, Zaino & Humphrey, LPA | Ray Critchett
The IRS allows a gift of $13,000 or less which is not taxable. Any amount over this may be subject to taxation. I would recommend consulting with a tax attorney to see if there are other methods to accomplish his wish and limit the tax implications at the same time.

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Answer Applies to: Ohio
Replied: 9/7/2010
Law Offices of James C. Bechler, A.P.C.
Law Offices of James C. Bechler, A.P.C. | James Bechler
There is no tax liability for receiving a gift
Answer Applies to: California
Replied: 8/25/2010
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