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02-15-2011, 01:18 PM
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What is the tax implication if rich family wants to
give me lots of money to pay my mortgage? a rich family member who lives in another country wants to wire money to pay off my mortgage. The amount is more than $300,000. Do I have to file this amount with IRS, govt. or where..if needed. What is the requirement and tax implications. Thank you for your input
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02-15-2011, 03:03 PM
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If they are rich, they should ask their lawyer or accountant, b/c I do not know the rules for $ from outside the country.Inside the USA, gifts are not taxable to the receiver; and might only impact the taxpayer's estate, especially if he files the correct gift-tax paperwork.
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