#IRS #tax
Gifts from anyone in any amount is NOT reported on an INCOME tax return since you did not EARN it.
https://ttlc.intuit.com/community/tax-credits-deductions/discussion/i-am-a-f1-student-on-my-opt-my-parents-will-transfer-money-from-outside-the-us-to-pay-for-my-brother/00/1719679
@Acer This is not always true in the US.
@ech
>"This is not always true in the US."
Yes, sometimes it looks like a gift but it's actually a bribe in which case the person who received the gift earned that money by providing laws or public policy or other favors for the one who provided the gift.
(ps - bribes are very bad)
@Acer
@Pat @Acer also, OP is incorrect. Legitimate gifts are also taxable in some cases.
I think they allow people to exempt gifts up to a certain amount, like $14k or $20k -- something like that.
Also there are gifts through a trust, and inheritance, which is a posthumous gift.
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@ech
>"This is not always true in the US."
Yes, sometimes it looks like a gift but it's actually a bribe in which case the person who received the gift earned that money by providing laws or public policy or other favors for the one who provided the gift.
(ps - bribes are very bad)
@Acer