Replies

To: PROCON

What’s the tax rate on foreign gifts? I’m pretty sure the Feds can take 48%, I am not sure on NYC or the State.

3 posted on 01/16/2015 5:44:28 PM PST by rey

To: rey

Gifts (especially those for college) are not taxable. But they are reportable.http://www.irs.gov/Businesses/Gifts-from-Foreign-Person

13 posted on 01/16/2015 5:58:01 PM PST by gwjack (May God give America His richest blessings.)

To: rey

What’s the tax rate on foreign gifts? I’m pretty sure the Feds can take 48%, I am not sure on NYC or the State.

For the recipient? Nothing. They do have to report it to the IRS, but there is no tax on it for the recipient.

27 posted on 01/16/2015 7:52:36 PM PST by IYAS9YAS (Has anyone seen my tagline? It was here yesterday. I seem to have misplaced it.)

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