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legion494
May 31, 2019
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What is the limit on a cash gift I can receive from overseas before I have to pay taxes on it?

  • May 31, 2019
  • 1 reply
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I am going to be receiving a cash gift from my extended family members who live overseas and  are not U.S. citizens.  What is the highest amount that they can give me before I have to file it on my taxes?

    Best answer by bwa

    There is no limit.  Gifts are not taxable to the recipient.  However, there may be other information reporting.  See this IRS article on the subject - http://www.irs.gov/Businesses/Gifts-from-Foreign-Person


    1 reply

    B
    bwaAnswer
    May 31, 2019

    There is no limit.  Gifts are not taxable to the recipient.  However, there may be other information reporting.  See this IRS article on the subject - http://www.irs.gov/Businesses/Gifts-from-Foreign-Person


    T
    TaxGuyBill
    May 31, 2019
    Just be sure that if you receive more than $100,000, you may need to file Form 3520.
    If you have any money in Foreign Accounts, you MIGHT also have other forms to file (Form TD F 90-22.1 and Form 8938).
    <a href="http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Report-of-Foreign-Bank-and-Financial-Accounts-FBAR" rel="nofollow" target="_blank">http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Report-of-Foreign-Bank-and-Financial-Accounts-FBAR</a>
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