I am a US citizen but my parents are both German citizen and still live there. If my dad would transfer money to my US bank account as a gift, would I have to pay any taxes on it? The US tax law says that the person who makes a cash gift has to pay the gift tax but is that also true if the money comes from a foreign source?
Does anybody know if you have to pay US gift tax if you receive a cash gift from a foreign source?
No, you are not going to pay taxes on that money.
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