If wire transfer money gifts from my son taxable? I am retired, 68 years old. My social Security income is very limited. I am US citizen. My...

Question

If wire transfer money gifts from my son taxable? I am retired, 68 years old. My social Security income is very limited. I am US citizen. My son is a citizen of other

country.

Answer

A true gift is not taxable to you. However, depending on the amount and if he is a US citizen, a green card holder or permanent US resident, he may be liable for gift tax.

Answer

As John stated, the gift is not taxable to you. However, if it is in excess of $100,000, you will need to report it: http://willstrustsestates.blogspot.com/2013/06/receiving-gifts-or-inheritance-from.html

Best of luck.