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Posted by Bill on October 28, 2007, 5:13 am
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nmodi1313@yahoo.com posted:
> My dad who resides overseas would like to
> give me a gift in the form of cash. I am aware
> that gift donors have tax implications (in the
> US), but my understanding is that US
> recipients of cash gifts do not have any
> income tax implications regardless of the
> amount of the cash gift. Is that accurate?
> Appreciate your thinking on this.
You've got it right: the recipient of a gift faces
absolutely no tax consequences. The giver may have to file
a form, which relates to the estate limitations -- but
that's no problem for the person who receives the gift.
Bill
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