I am currently in the United States on a work visa. I am receiving funds for EB-5 from a U.S. citizen (money earned in the U.S. and taxes paid). If I receive more than $100k as a gift for EB-5, do I have to pay taxes for this, or need to report this to the IRS?
Answers
Bernard P Wolfsdorf
Find an EB-5 Visa Lawyer: Immigration AttorneyThere are certain gift tax exemptions but you need to consult with a tax specialist to structure the deal and also need to do a source of funds analysis on the giftor before doing this transaction.
Lynne Feldman
Find an EB-5 Visa Lawyer: Immigration AttorneyNeed a tax attorney to opine.
Dennis Tristani
Find an EB-5 Visa Lawyer: Immigration AttorneyGenerally speaking, the individual making the gift in the U.S. could have tax liability depending on the amount of the gift. You should consult with a tax/accounting professional concerning any tax-related questions.
Sally Amirghahari
Find an EB-5 Visa Lawyer: Immigration AttorneyNo, you as a recipient of the gift do not need to pay or file anything. However, the payor or person who pays the gift to you would only need to file a gift tax return (IRS Form 709) and since the Federal gift tax exemption is at $12,060,000 per person, the US person will pay no gift tax.
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