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barristerinky
barristerinky,
Category: US Law
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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?

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

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

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..

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..

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..

barristerinky and other US Law Specialists are ready to help you
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