Gift tax implications from a non-US-resident to a US Resident
Post date: 2021-05-04 11:13:21
Views: 89
I'm trying to find out the tax implications of a receiving a very large cash gift from my Canadian parents while I reside in the US.
My understanding is that it is essentially tax free on my end because my parents are non-resident and the money has no US connection but that over $100K it has to be reported to the IRS by me when I file taxes but I am not entirely confident in my ability to read the 'IRSease' dialect. Is this correct?
Also any advice on cross border estate inheritance planning (inheriting from Canadian parents to American residents) would also be appreciated.