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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
Installment sale
A sale of property that allows for tax deferment if at least one payment is received after the end of the tax year in which the sale occurs. The installment method does not apply to year-end sales of publicly traded securities. Dealers may not use the installment method. Investors with very large installment balances could face a special tax.
