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DTD | My non-US resident alien relative, has $1million to give me, how can it not be taxed? |
I read that non-tangible gifts are tax free, but what about when I cash in this non-tangible gift into US tangible dollars deposited into my bank? i.e. if I have a foreign account and have this money transfered into that, then in turn transfer it into our US account, do we have to pay tax? I know that I'll have to declare the foreign account to the IRS if it's over $10K, but will I have to pay tax on it? OR, if my relative buys stocks and then transfer it into my name, will I have to pay tax when I sell these stocks? Thank you very much!
Additional Details
Yes, I'm an American citizen. And to one of the answerers: I always pay ALL my taxes and contribute to society, I'm looking for a LEGAL way to pay less taxes. If you have a relative that worked really hard for this money, would you want to pay up to 45% of it to Uncle Sam if there are legal ways around it? |
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Knightly
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Recipients of gifts do not pay tax on the gift. If any of the gift were in the US, then there would need to be a gift tax return filed.
Since the gift from a non-resident alien is over $100,00, it must be reported to the IRS (it isn't taxed.) This helps track money laundering and illegal transfers of funds.
If you're given stocks, they have a basis of the lesser of what they paid for them or what they were worth when given. If they are worth more when you sell them, you'll pay tax on the gain, just like any stock.
You should be prepared to demonstrate that this is a gift and not a payment or investment. Why is this person giving you the gift? What are the familial bonds and other personal connections that would justify a gift of this sort? Was some or all of the gift given back to the donor later? The IRS asks questions like these to make sure that this isn't being called a gift to avoid tax.
It's important that your relative is following the tax laws in their country regarding gifts. The US has treaties with most countries in the world to cooperate in tax law enforcement. |
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Stephen M
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I agree with the others to hire a tax attorney or CPA: it should save you a lot more money than it costs.
For the people putting down undocumented workers: if these workers don't pay the tax then their employer is paying tax, in a higher tax bracket, because he/she is unable to make payroll deduction. Usually also because they are undocumented they are working much harder for less income, with no insurance or benefits, thereby transferring wealth into the society, or at least into the hands of domestic businesses. The problem is not the undocumented workers but (1) US government and transnational corporate policies which are destroying independent agriculture, industry, and the communities they support, forcing people to emigrate for jobs, (2) the failure of our union labor to encompass blacks and foreigners (a lesson actually that they are learning now that their ranks are becoming thinned) and their wholesale support of Euro-American foreign policies that go against their own class interests and the interests of fellow workers in other countries. (3) The real shirkers, anyway, are the big corporations, which have gone from paying 40% of the US tax bill 50 years ago to paying 7% today, and the rich, who've gone from paying 90% of their income to 35%, even as they are laying off people and exporting jobs where they can transfer the costs and pollution to other workers, societies and environments, while us common people are still paying 25% tax. |
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ninasgramma
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The transfer may be tax free but when you dispose of whatever property this is, there may be taxes due. You cannot just transfer property and escape taxes. I sense that this is what is happening. |
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v b
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If you actually receive this money, you would file form 3520 to report the gift.
If you deposit the gift into an interest bearing account (either here or in another country), only the interest would be taxable.
If you receive stock, you need to have your relative's basis when you go to sell. Eg, their records to show what they paid. If you don't, you may get taxed on it as 100% capital gains (the IRS doesn't like guesses, they'll use 0 basis). |
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MukatA
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In the U.S. the person who receives a gift does not pay the tax. Your relative can send you gift of any amount, you don't pay any gift tax. Since the donor is a foreign person (no SSN or ITIN), they need not worry about the U.S. tax on donor of the gift.
However, since it is coming from a foreign country, the IRS wants to make sure that it is a actually a gift. So you must file File 3520 Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts if the amount in 2007 is more than $13,258 |
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firecracker67
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Good Luck with that....The IRS will always find a way to get their hand into your pocket ! |
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FunkyMonkey
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I would just have your relative give you cash and bring in amounts smaller than 10k . I think you do not have to declare to customs the amount you are brining in as long as it is less than 10k. I would keep the money at home under my pillow and invest small amounts.
I dont care if that is illegal. Our goverment rips off hard working people at every turn anyway. We do not even have central health care. |
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Anthony C
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wait, your about to get 1 million dollars? have fun with it and dont blow it all in one place! |
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Tam Tam
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If you have this kind of money, you can afford a tax attorney or CPA who can give you advice. |
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rosiegal95
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if she outs it in a bank account andit is transfered to you then it should probably work! |
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dennisgonzalezdgm
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give half to me and ill try not to get us in jail |
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AMBER D
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I agree with Tam Tam, but the whole thing sounds fishy.
Dont let yourself get sucked into a scam deal. |
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Dump
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Are you an American citizen? If so , pay the taxes , you live in this country ........ thats what you have to do . Dont be like all the Illegal Haitans and Mexicans , that dont pay taxes , but use our welfare system and Health care systems for free , "Medicaid" . |
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