The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  http://boards.fool.com/dividends-from-foreign-corporation-as-gift-30457301.aspx

Subject:  dividends from foreign corporation as gift? Date:  12/30/2012  2:07 PM
Author:  angelman1 Number:  117247 of 123001

This is a rather specific question which I am trying to get help with. I can't find any tax pros that seem to understand much about non US tax issues to help advise.
I am a resident alien green card holder (UK citizen). I have shares in my father's UK family business in the UK (he is non US resident). He pays out a $20k dividend to me annually which he deposits in my UK bank account. At times I may or may not transfer over some cash from the UK which includes other sources of income such as rent from a UK property.
To date I have been declaring this UK dividend as a dividend and the rental income on my tax forms.
I was recently reading though about people declaring this dividend income as a gift. Since the money is simply going from my father's UK bank account to my UK bank account apart from the UK tax