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