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Old 01-03-2003, 05:26 PM
rookie888
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money as gift from Asia

What is the name of your state? California

What is the tax implication for receiving money as gift from family members living in Asia? Is there any limit on what I can receive from family members living in Asia who are non-US citizens? Any tax implication for them personally? Does the US gift tax apply for any reason?

Thanks.

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Old 01-03-2003, 10:46 PM
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Join Date: Aug 2002
Location: Washington
Posts: 3,484
You can receive as much as they will give you. You pay no taxes on the gift, but will pay taxes on money earned from the gifts (interest, stock sales, etc). They have no US tax implications unless they have money/property in the US already.
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