My question involves a power of attorney in the state of: Asia (but I live in NC)
My mom is old and live in Asia, she is not American citizenship but I am. Few years ago, my mom gave me power of attorney to manage all her asset. Recently she sold a property and the lawyer deposited proceeds into my Asia bank account. My mom instructed me to divide the proceeds among my brothers and sisters as gift, including me.
My questions are the following:
1) Do I need to report this to IRS since my Asia account has more than $10K US dollars now.
2) Can IRS consider these proceeds as my income (because it is in my Asia account with my name) and force me to pay tax as capital gain or as oversea income ? I can show the doc of power attorney from my Asia lawyer and also show all sales doc and the distribution checks to my brothers and sisters.
3) Do I need to pay tax if my mom gives me money as gift? Someone told me that the giver needs to pay tax, not the receiver, but my mom is not a US citizen.
Thanks for any answer.