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Old 01-05-2003, 04:43 PM
rclifton
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taxation of gift

Florida

What are the laws for recieving money from a parent from a foreign country in the form of a gift. And if the amount is significant ($40,000) what is the best way to get it here if it is cash?
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Old 01-05-2003, 10:51 PM
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Location: Washington
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The recipient pay no taxes on the gift, but will pay taxes on the money the gift produces (interest, stock profits, etc.). Try a bank wire transfer.
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