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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
Accelerated depreciation
Depreciation methods that allow faster write-offs than straight-line rates in the earlier periods of the useful life of an asset. For example, in the first few years of recovery, MACRS allows a 200% double declining balance write-off, twice the straight-line rate.
