Google Answers: Tax on money from foreign individuals

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Q: Tax on money from foreign individuals ( No Answer, 1 Comment )

Question

Subject: Tax on money from foreign individuals
Category: Business and Money > Finance
Asked by: giftrecipient-ga
List Price: $5.00

Posted: 28 Jan 2006 10:01 PST
Expires: 27 Feb 2006 10:01 PST
Question ID: 438631

DO i need to pay taxes for gifts that i receive from my parents or
wife's parents ?In this case gift is money in US$ around 25,000
Both my parents nad my wife's parents live outside US and are not
residents or citizens of US

Iam not a Citizen ,but a resident here in US

Answer

There is no answer at this time.

Comments

Subject: Re: Tax on money from foreign individuals
From: kbillallen-ga on 15 Feb 2006 21:19 PST

You do not have any gift tax due.  Gift taxes are paid by the person
giving the gift.

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