Gift Tax?

alpha · Mar 9, 2007

I am buying a house and I'm set to recieve $150K in gift money from Hong Kong. Are there any tax implications for myself when accepting this money? I'm in California.

Thanks!

LdiJ · Mar 9, 2007

alpha said:
I am buying a house and I'm set to recieve $150K in gift money from Hong Kong. Are there any tax implications for myself when accepting this money? I'm in California.

Thanks!

No, but you will have to report the gift because of its size.

alpha · Mar 9, 2007

LdiJ said:
No, but you will have to report the gift because of its size.

Thank you very much!

Gift Tax?

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills Please click a topic or scroll down for more.

alpha

Junior Member

LdiJ

Senior Member

alpha

Junior Member

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential