taxability of foreign gifts


E

Etienne

Hi,

I have always heard that gifts of foreign donors are not reportable nor
taxable for the US donee unless it is a gift in the form of real estate
located in the USA.

This sounds too good to be true and I am trying to, but have a hard time
finding this confirmed on the IRS website.

If my non-US relative gifts me cash (by wire transfer), in excess of
$100,000, do I, as the recipient:
1. have to report anything?
2. face any tax consequences?

Any input is appreciated.

Thanks,

Etienne
 
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