Legal Question in Tax Law in New York

Any tax consequences on gift money received from relative overseas?

I will be receiving a large amount of money as a gift from my grandfather in Korea. He will be taking care of the taxes in Korea that he must pay for sending the money. Do I have to pay any income, gift, or other tax on the amount that I receive?


Asked on 6/16/08, 10:41 am

1 Answer from Attorneys
Michael Mandale The Mandale Law Firm, P.C.

Re: Any tax consequences on gift money received from relative overseas?

The tax consequences depend very much on the amount of money you expect to be gifted. I believe that the IRS exempts from income tax up to $10,000 that has been gifted to an individual per tax year.

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Answered on 6/18/08, 1:30 pm


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