Gifts from foreigners to minors

[evildrz]

What is the name of your state? CA

Does the $100,000 limit apply to gifts that are given to minors from foreigners? My wife has family who are foreign citizens living in a foreign country and they want to gift money to our newborn son. If the amount is below $100,000 do we have to report it? The money will go into a custodial account for his college. Will the $100,000 be counted only against out son's gift limits or will it be counted against ours since he is a minor.

 

[LdiJ]

What is the name of your state? CA

Does the $100,000 limit apply to gifts that are given to minors from foreigners? My wife has family who are foreign citizens living in a foreign country and they want to gift money to our newborn son. If the amount is below $100,000 do we have to report it? The money will go into a custodial account for his college. Will the $100,000 be counted only against out son's gift limits or will it be counted against ours since he is a minor.

Gift limits apply to the gifter, not the giftee....at least on the federal level. The lifetime exclusion for gifting (again on the federal level) is at least 1 million, not 100,000. There is some argument here regarding whether its 1 million or 2 million for 2006.