Will I pay US taxes on visiting family money that is deposited into my account
My family are coming to visit me in the US and spend their summer vacation here. They are planning to transfer the traveling and living expense to my US bank account.
My question is: Am I going to have to pay taxes on the money transferred even though I won't use any of it?
Thanks!
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There are no US taxes for receiving a gift (you). There may be US taxes for giving a gift (the gift tax), for your parents, but if they are nonresidents and the money they are giving was not situated in the US, then they do not have US gift tax. You have to report a gift from a foreign person if it exceeds 0,000.
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