Gift Tax

martgonman · Post by **martgonman** » Sat Dec 23, 2006 1:52 am

My wife and I are residents for tax purposes. Her father and her brother have a joint account in the US (none is US resident and the account is not related to US business other that investment/securities).
My father in law has decided to give 120,000 dlls to my wife as a gift. We plan to transfer 90,000 dlls as wire transfer to my account before the end of the year, and another 30,000 dlls after January 1st.

I understand that, being under 100,000 dlls per calendar year, I do not have to report the gift to the IRS or pay income taxes on it. I also understant that my father-in-law, being a non-us citizen, does not have to report or pay any taxes for the gift. Is this correct?

Thanks all for your help.

nelsona · Post by **nelsona** » Sun Dec 24, 2006 4:44 pm

Sounds fine. Does your computer not have the '$' key, since dlls is not a standard abreviation for dollar, is it?