![]() ![]() They already received a gift of $50,000 from Francesca’s Italian parents. The “same source” rule also applies if you receive gifts from multiple foreign persons who are related.įor example, let’s go back to Mark and Francesca. In both cases, this applies regardless of whether you receive the gift at a single time or multiple gifts from the same source spread out over the year. This includes gifts from foreign corporations and foreign partnerships, as well as gifts from foreign individuals. The IRS considers any gift of money or property made to you by a foreign person to be a taxable gift. The IRS may choose not to recognize purported gifts from foreign corporations or partnerships as actual gifts, so be cautious when deciding what to characterize as a gift. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |