Gift Tax

[canuck1023]

Nelsona :

I have a question on "gifting money".
I looked thru the archives - and I came across the following info on "gifting".
Has there been any changes to this policy since 2008 - and do I have it documented correctly?

- There are NO "gift taxes" under any circumstance when a non-resident gives money to a US resident
- If the GIFT is over $100,000 US then I must file Form 3520 (for report purposes only)
- You should keep documentation of the gift (card/note/etc) incase the IRS audits you

Thanks

BACKGROUND
My father (Canadian resident) is considering gifting a good portion of his wealth to his kids before he dies.
I (Canadian US perminent resident) would be recieving approx $400K US in a lump sum.
If there were any US tax consequences - he would hold off on gifting the money - and have it distribute as part of the inheritance.

[nelsona]

Your analysis is correct.