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Old 03-06-2004, 08:22 PM
kring
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gift of foreign property

What is the name of your state? MA
My mother is going to give me a gift of foreign property. how much can receive without paying a gift tax? does she pay or do i?
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Old 03-08-2004, 03:36 AM
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Join Date: Aug 2002
Location: Washington
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Neither of you pays anything to the US government. If you receive over $100,000 worth of cash or property, you must report the gift on a Form 3520. If the property is a financial account (cash, stocks, etc), you will need to file form TD F 90.22-1 every year.
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