Question

Foreign Gift (2x $13.500)

Forum|Forum|6 years ago
June 6, 2019
1 reply
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Hi TurboTax.

My family lives in Germany, I live in the U.S. and pay taxes here. I received one gift from my mom (equivalent $13,500) and one gift from my dad (equivalent $13.500). To my understanding, I do not need to pay taxes on those, right?

What I am wondering though: I am transferring those gifts from a German bank account to my U.S. bank account. Do I need to report that in any way? If so, which forms and how?

Best, Christian

TurboTax Premier Online

T

TomYoung

Employee

True gifts are not income to the recipient. If they were we'd all be including our Christmas presents in our income tax returns. There can be reporting - not income tax - requirements as outlined here:

https://www.irs.gov/businesses/gifts-from-foreign-person

though it doesn't seem you fall into a reporting requirement.

Tom Young