I am new to this board, and would appreciate anyone's thoughts on this situation. Although it's not major, I've never dealt with it before. In 2011 a client gave a gift to his parents, who live in another country. One of the parents died and now the surviving parent is planning on giving much of the money back. The gift wasn't taxable when it went, but when the parent sends it back to him (via wire) from another country, how might that money be characterized? Might it be taxed as some sort of income? The U.S. does not have a tax treaty with this country, if that makes a difference in your opinion. Thanks.
-
-
It would still be classified as a gift, not taxable to your client. Here's a helpful hint, since you are new to the board. Always put the subject matter of your question or situation in the Title box. Glad to have you aboard the board. -
PFL, Thank you
Burke, thanks for the response and thanks for the advice!Comment
Comment