Is a gift from family members abroad taxable?

January 18, 2002

From:  Michael
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

Hello Michael,

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.

Good luck!
Mike Gray

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