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Hello my Financial Friends,
Trying to understand how a gift from a foreign person works and what if any we would owe.
My wife is a green card holder, I am a US citizen.
We file married filing jointly.
Her parents (from China, not that that should impact) would like to gift us some money. 100k each this year, or 200k total (likely less than that) I see that there is a limit of 100k (IRS website down below) Or I have seen referenced 15k elsewhere. The money is for no specific purpose they would just like to gift it to us ( we may eventually use for a home down payment, but not a definite) My questions are:
Are there any tax implications of this? Seems like I just need to fill in section 4 of form 3520 that it was received, but we would not be on the hook for any other tax money. Would we both need to file one of these?
As we are filing married filing jointly, is it we as a couple can only receive 100k, or can she and I both receive 100k, totaling 200k or is the limit higher for a married filing jointly couple?
Is it this 100k limit or 15k.
Tried to ask different accounting firms in my area but none wanted to answer unless I became a client(I do our taxes myself).
Appreciate your help and let me know if any other relevant info is needed,
ScubaStalin
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- 2 years ago
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