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?
Answer
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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