Question

Hi, my mother sent me from abroad money to help refinance my mortgage, where shall I state it in my TAX report? Do I have to pay tax from it?

Forum|Forum|6 years ago
January 21, 2020
1 reply
0 views

No text available

TurboTax Live Premier Online

Employee

If this was a gift and it does not have to be repaid, then it is not entered on a tax return, regardless of the amount received.

If your mother is a foreign person, not a US citizen or US resident, then if the gift was more than $100,000 then you have to report the gift received on an IRS Form 3520. The form is an informational form only, not a tax return so no taxes will be owed.