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ELE26
March 18, 2023
Question

DONATION FROM FAMILY MEMBER

  • March 18, 2023
  • 1 reply
  • 0 views

Hello,

I would like to know if  a donation I will receive  on my account from my mother who is in Europe is taxable.

Thank you

    1 reply

    A
    AnnetteB6
    March 18, 2023

    Please clarify what type of account your mother will be contributing to on your behalf.  Then, someone may be able to give you further information.  

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    E
    ELE26Author
    March 19, 2023

    Her account in Europe, it would be a donation.

    DoninGA
    DoninGA
    March 19, 2023
    @ELE26 wrote:

    Her account in Europe, it would be a donation.

    If by donation you mean that she is gifting you funds that you will receive in your bank account, funds that do not have to be repaid, that is a gift and not entered on a tax return.

     

    However, if the amount of the gift is over $100,000 and is from a foreign individual who is not a US citizen or US resident then you have to report the gift received on IRS Form 3520.  That is not a tax form but an informational form to notify the IRS of the gift received.

    IRS Form 3520 - https://www.irs.gov/forms-pubs/about-form-3520

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