My Canadian mother inlaw will gift my husband $50,000 cdn dollars next year ( approx $38,000 us dollars)
She said it will a check, and we plan on depositing it into our TD canada bank account.
we are dual citizens usa/cdn,........ by that time would have relocated to Canada,
would this gift have to reported on our returns , the gift was received by a US person (my husband) and was given by a foreign person (mother).
Or would it be better if we received it will we are still USA residents, mom said the gift is available in May, we plan on relocating July /august.
Gift from foreign relative.
Moderator: Mark T Serbinski CA CPA
Re: Gift from foreign relative.
As long as it is less than 100K US per year there is nothing to report in either country for either the 'gifter' or the recipient.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
Re: Gift from foreign relative.
Thank you.
Mom said she will issue a check to my husband , we just intend on depositing the funds into our TD canada acct.
Mom said she will issue a check to my husband , we just intend on depositing the funds into our TD canada acct.