Gift of money from parents

chewbacca · Post by **chewbacca** » Tue May 18, 2010 9:32 am

Hi,

I am a dual Canada/US citizen living in Florida with no residential ties to Canada.

My parents are Canadian citizens living in Ontario.

My parents want to give me $30,000 from a regular bank account.

Are there any tax concerns for my parents or myself for this gift?

Are there any forms that my parents or I will need to file in either country?

Thanks

nelsona · Post by **nelsona** » Tue May 18, 2010 10:42 am

There are absolutely no tax concerns or filing requirements for your parents.

For, only if the gift was greater than US$100K would you need to report it (not pay tax) on Form 3520 for IRS.

That's it.

There would be GIFT tax owed by you if you the US person gave money to anyone, in US or otherwise, other than spouse, exceeding $13K.

chewbacca · Post by **chewbacca** » Tue May 18, 2010 2:11 pm

Thank you for the reply.