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barristerinky
barristerinky,
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If I receive a gift of us $30k from parents, do I need to

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Hi there, If I receive a gift of us $30k from parents , do I need to report it in my return or is it unnecessary for up to $5 million in lifetime gifts?
barristerinky

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation.

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There may be a short delay in my responses as I type out an answer or reply as I am an actual independent practicing attorney, not an employee of JustAnswer.

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I do not offer the phone call service. If you would like a call, another attorney will provide that service. I only work on the website. and prefer to type my responses so they are in front of you.

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If each parent is gifting you $15K, then that is the annual gift tax exemption amount so there is nothing filed anywhere as it is not a taxable event. As for the lifetime gift tax exemption, it has increased quite a bit to roughly $11.7 million per individual as of 2021.

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If parents wanted to gift you more than $15K each in a tax year, then they can just file an IRS Form 709 with their taxes in the year of the gift and use up a portion of their $11.7 million lifetime exemption..

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thanks

Barrister

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As for reporting, the recipient of a gift never has to report it anywhere... Only the person making the gift has to potentially report it on the 709 Form to avoid paying any taxes on it..

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thanks

Barrister

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Customer: replied 1 year ago.
how does this work for cash or property in a country such as Thailand? If you're US citizens? Thanks

I can't comment on laws in Thailand as I am US based... But US gift tax laws wouldn't apply in Thailand..

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If parents are in Thailand and are gifting you money and you are in the US, then no one would file anything in the US regarding the gift..

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Customer: replied 1 year ago.
even though it's between US citizens?
Customer: replied 1 year ago.
between US citizens in Thailand?

If parents are US citizens and file taxes in the US, then yes, they would file under US tax laws as I went over above..

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Customer: replied 1 year ago.
reagrdless of what country the gist is made correct? thx
Customer: replied 1 year ago.
gift*

But if the recipient is in Thailand... and parents are in Thailand and the gift is made in Thailand, then US laws don't apply... only Thailand laws would..

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Customer: replied 1 year ago.
excellent . Thanks for your help .

You are very welcome. Glad I could help.

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It was my pleasure to work with you and help with your question. If you ever need to reach me in the future, you can post a new question thread with "For Barrister" in the title and the JustAnswer employees will get it to me.

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Please take a moment to rate my service positively so I receive credit for my work.

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Have a great afternoon and be safe!

Barrister

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