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How much money can I receive before I get taxed on it?

My in-laws from Korea are planning on sending, my husband and I, money from Korea to purchase a house. They are planning on sending around $100,000. Will we have to pay taxes on it, and if so how much? I think that my in-laws will have to pay a tax on it for sending money from Korea, but I was wondering if we will be taxed on it as well.

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One Response to “How much money can I receive before I get taxed on it?”

  1. bostonianinmo said:

    No, it’s not taxable to you. The recipient of a gift never pays taxes on the gift.

    With that amount however you MUST file a Form 3520 http://www.irs.gov/pub/irs-pdf/f3520.pdf informational return. There are severe penalties for not filing it so don’t forget it!




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