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Submitted By: Syed
Answered: October 15, 2013 8:30 am
Answered: October 15, 2013 8:30 am
I received gifts from relatives living outside the United States. Do I have to pay tax on the gifts?
No. Gifts are not taxed to the recipient, regardless of amount or whether they are from people in or outside the United States. If you make gifts, you need to check on whether you must pay any gift tax (not income tax) and/or whether you have to file a gift tax return, Form 709.
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Tax Glossary
Revenue ruling
A revenue ruling is the Commissioner’s “official interpretation of the interpretation of the law” and generally is binding on revenue agents and other IRS officials. Taxpayers generally may rely on published revenue rulings in determining the tax treatment of their own transactions that arise out of similar facts and circumstances.
