I am about to receive a large wire transfer from a family member in Mexico as a gift to help me purchase my first apartment here in the U.S. I am a green card holder (legal U.S. Resident). I want to know what the tax implications are with this situation. How do I go about declaring it? Do I have to pay taxes on this money? Any advice is greatly appreciated.
USA International Cash Gifts
- Thread starter D24601
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- Aug 12, 2016
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I wanted to share with you of my experience. I took traveller cheque from Bangladesh and I made cash in Sweden. I was an international student over there. First swedish bank see my student status, then they didn't deducted any tax. So, you need to talk with local bank. Your gift card will be consider as remittance. I hope they will not deducted any tax but when you purchase an apartment then you have to pay tax. Although, if bank deducted any tax then you will receive it after certain period, because of, one money you will not be able to pay double tax. Although you need to check the tax law.
Thank you for your comment Hasan but it's not really what I was referring to. The money will be sent by wire transfer and the bank does not take any of it, other than a small wire transfer fee. My question is, at the end of the year when I file my taxes, how do I declare that gift? Also, am I expected to pay any taxes on it at that time? Taxes paid on the property are also different and not what I'm referring to.