bubble1975
Junior Member
What is the name of your state?So, my parents live in Mexico and earn money through a Mexican corporation. Actually, they own interest in the company, so the money stays with the corporation. They want to give my siblings and I money, directly from the company, and we live in the US and are US citizens.
In the US, I understand that according to US gift tax law, the GIVER is taxed and not the RECEIVER. So, if an international source GIFTS us with money, are we receiving that money tax free? Or is the gift only taxable via Mexican tax law (ie any gift tax would be paid to the mexican government)?
Bottom line, can the USA tax that money in any way?
Thanks for any insight,
Da Bubble
In the US, I understand that according to US gift tax law, the GIVER is taxed and not the RECEIVER. So, if an international source GIFTS us with money, are we receiving that money tax free? Or is the gift only taxable via Mexican tax law (ie any gift tax would be paid to the mexican government)?
Bottom line, can the USA tax that money in any way?
Thanks for any insight,
Da Bubble