Understanding the US gift tax is important for both US and non-US persons. It comes as a big surprise to many people that US gift tax issues can arise in many unanticipated ways, such as sending money to an adult child attending college; making loans interest-free to family members or giving them loans with below-market interest rates. Even non-US persons can … Continue reading Foreign Persons Making Gifts to the US – Cash / Wire Transfers / Checks?
Tag: gifts from foreign partnership
Time to Review! Tax Issues for US Recipients of Gifts/Bequests from Foreigners
With Christmas having recently been on our doorstep, now is the time to review what tax consequences are in store for gift givers and their lucky recipients. US tax filings might be required of a US individual who receives a gift (whether in cash or property of some kind - you know, a 5 carat … Continue reading Time to Review! Tax Issues for US Recipients of Gifts/Bequests from Foreigners
OOOOPS! I Received a Gift from a Foreign Corporation (or Foreign Partnership)
Here in the Middle East where I have been practicing for almost two decades, I have seen that it is very common for families to create offshore structures in various countries (outside the USA) to hold a large portion of the family wealth. The underlying reasons for maintaining these structures outside of the family’s home … Continue reading OOOOPS! I Received a Gift from a Foreign Corporation (or Foreign Partnership)