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How do I recieve gifts or money from foriegn countries
There is no gift tax on money that you receive as a gift. A donor is taxed if the amount is over $12,000 in one year, or $1 million in a lifetime. That is not a theory or a conjecture. [ it is federal tax law, and all such laws are published on the IRS website, irs.gov this is the only link you need to check out for federal tax law. Each state also has a site. Laws, and publications explaining the laws are freely available in html or .pdf format. Now here's the question that is probably your real question. If you receive $100,000 as a gift from a foreign country, there will be an assumption
that it is not a bona fide gift, but a transfer of wealth, or some other form of disguised payment. There will be a requirement to declare this transfer, but this is not tax law. You will need to talk to an attorney about this. ]
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Expert answered|selymi|Points 9946|
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Asked 1/21/2013 11:05:35 AM
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