2

I am a U.S citizen. My parents who are not U.S. citizens have an offshore foreign company. If they send me a cash gift through their corporation:

  1. Do I pay tax?
  2. What is the max amount I can receive before I file form 3520?

Thanks.

  • Hopefully this has not already happened - if so, I think you're fucked. Best is just to send it back as if an accident. – Fattie May 8 '18 at 22:11
-1

I'm fairly sure a "corporation" can't send you a gift:

there is no such concept.

(The fact that "your parents" are principals in the corporation means nothing.)

Consider, I do a lot of jobs for Company X, one of my bigger clients. (No, really - they're called "Company X"! :) )

Say they wired me 50 grand from their bank account.

And then they said - "Oh. That was a gift."

It's totally nonsensical. It would just be a payment I'd pay tax on.

  • This doesn't seem to be grounded in facts. Companies can make charitable contributions. – Eric May 8 '18 at 23:15
  • There is utterly no connection, at all, to a "charitable contribution" here. The downvote is very confused. – Fattie May 9 '18 at 1:13
  • I didn't downvote and I'm not saying this gift is a charitable contribution. However you seem to imply companies cannot give gifts, but that is what a charitable contribution is. – Eric May 9 '18 at 1:15
  • @eric, "gifts" have utterly no connection, in any way, to "charitable contributions" – Fattie May 9 '18 at 18:05

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.