tax question - California - K1 visa holder

[Jessie222]

What is the name of your state? California

Hello,

I’m a foreigner coming to California on Dec 1st with a K1 fiance visa to marry and establish my residence in this state.

A few days after my entering California but before the wedding my father (also a foreigner, who lives and will stay in the foreign country and not immigrate to the US) makes me a gift of 270,000 $.

Will my father or I have to pay gift tax or any other kind of tax on this sum in California/the US?

(As I read that gift tax questions should be posted elsewhere, this question is mainly aimed at the possibility of other taxes applying to our case – Though if someone where able to tell me about the gift tax I would still very much appreciate it!)

Many thanks in advance!

Jessie

[LdiJ]

Originally Posted by Jessie222

What is the name of your state? California

Hello,

I’m a foreigner coming to California on Dec 1st with a K1 fiance visa to marry and establish my residence in this state.

A few days after my entering California but before the wedding my father (also a foreigner, who lives and will stay in the foreign country and not immigrate to the US) makes me a gift of 270,000 $.

Will my father or I have to pay gift tax or any other kind of tax on this sum in California/the US?

(As I read that gift tax questions should be posted elsewhere, this question is mainly aimed at the possibility of other taxes applying to our case – Though if someone where able to tell me about the gift tax I would still very much appreciate it!)

Many thanks in advance!

Jessie

No, there will be no gift or other taxes due. However, you will be required to report the foreign source gift as it is over 105,000.

[abezon]

You report the gift on Form 3520 -- you fill in page 1 (identity info) & page 6 (details on gift). Should take you about 20 minutes. All the hard stuff is on pages 2-5, which you get to skip.