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My husband (on a H-1B visa for 5+ years) and I (on an F1 visa for 2 years) live in the Bay Area. We are planning on buying a house and, as we all know, houses are way too expensive here. My question:
How much money can we receive in the form of gift tax from our parents in India? I read online that there is a limit of $100k which will not be taxed in the USA. Does this mean 100k per head if my husband and I receive gifts from our respective parents?
As much as you want. There's no tax on gifts you receive. Gift tax is on the donor, i.e.: the person giving the gift.
The $100K limit is for reporting. Gifts of $100K or more per year from foreign sources must be disclosed on form 3520 attached to your tax return. But there's no tax. Read more here.
