Discussion:Financial gift coming from Peru

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Discussion Forum Index --> Consumer Questions --> Financial gift coming from Peru

Qwhiskey (talk|edits) said:

6 November 2009

Here is the situation, and I'm wondering if a US or Peruvian "gift tax" will apply. Dad (Peruvian Citizen, living in Peru... but also a Resident Alien here in the US) gets $10 million from selling land, and wants to give some to his kids. Daughter.... a Peruvian and now US Citizen, married and living here in the US, will be given $2 million. The money is already taxed in Peru from the sale. What is the best way to get the money to his daughter, will little, or no additional tax burdens. I think.... if Daughter goes to Peru, opens a bank account, Dad deposits the money in there..... then does a bank-to-bank transfer here to the US..... then US gift tax laws would not apply, correct? It would be here money then, just transferring from Peru to the US. No taxes applicable, correct?

Another question.... is it even necessary for Daughter to even leave the country and set up her own bank account in Peru at all? Can Peruvian Dad just transfer his money directly from his own bank account in Peru, to Daughter's account here? Would that type of transfer be subject to any tax?

Anyone have any insight as to whether there is a gift-tax in Peru? ....or how to find out?

Thanks.