Dear Experts,
I'm expecting a monetary gift from a family member who's non-US resident. I'm a resident and the amount of the gift is 100K.
a) Should the gift be reported to IRS (any time limits?)
b) What are my actions to avoid paying taxes on the gift.
Thank you for your advice!
Michael
I'm expecting a monetary gift from a family member who's non-US resident. I'm a resident and the amount of the gift is 100K.
a) Should the gift be reported to IRS (any time limits?)
b) What are my actions to avoid paying taxes on the gift.
Thank you for your advice!
Michael