Hi -- I am an adult living in the United States, and my father, who
lives in Canada,
is planning to give me $90,000. Will I have to pay taxes on it? thanks.

Hi paulbloom,

Not if it's done right. I have no idea how the Canadian government
handles your Father's end, but you will be ok on your end:

At THE MOTLEY FOOL: 
Publication 950: Introduction to Estate and Gift Taxes
By Roy Lewis (TMF Taxes) - May 24, 2002 
http://www.fool.com/taxes/2002/taxes020524.htm?ref=foolwatch

..."Many of you are curious about the "gift tax exclusion" and how it
really works. Some still believe that a gift is deductible by the
person making the gift (the donor), and taxable to the person
receiving the gift (the donee). This is absolutely not true. Gifts
(not to be confused with charitable contributions, which have their
own separate rules) are neither deductible by the donor, nor taxable
to the donee.

Each person is allowed to gift a specific amount that will not trigger
any gift or estate tax issues. This specific amount is called the gift
tax exclusion..."


An almost identical question:

Do we have to pay taxes on a [$100,000] gift from my parents?
http://www.taxtrimmers.com/taxfaq/from.shtml


Hope this helps!


~~Cynthia


Search terms:
IRS gift tax cash

I don't know - I'm in the UK but if there is some potential exposure,
maybe he could make you a loan?

Bryan

I wish my Dad would give me $ 90,000.00 :(

Steph53

Visit a tax attorney in both countries to prevent any potential tax liability.

With the way things are in the US I'd be more worried about being
charged with money laundering.

Answer is actually changing each year.  You can give up to $12K this
year and the recipient will not get taxed.  It is irrelevant who gives
the money and from where.  Each year this $ amt will go up.  So, for
example, your father could give you $12K this year with no tax
implications and $13K next year.
However, what might be easier and faster is a lean against an estate. 
Assuming your father is not extremely loaded (meaning $Ms) and the
inheretance won't pass the threshold of (i believe) $1.2M, then he can
give it to you now out of your inheretance but it will count against
later taxable income when he passes away.

wear an overcoat, put on a cheap fake moustache and some aviator
sunglasses, glance around nervously alot and then walk it across the
border in an aluminium briefcase.