Question

gift Tax - when received from domesic/international and its limit

Forum|Forum|5 years ago
September 3, 2020
1 reply
0 views

Do I need to pay taxes for receiving money from

1) overseas relatives (UK, Aust, Canada)

2) domestic/US relatives

Whats the limit on both.

Thanks

Not A Product Question

DoninGA

Employee

If you received a gift from a foreign person in an amount greater than $100,000 it has to be reported to the IRS on Form 3520. That is an informational form only and not a tax return nor are taxes owed on the foreign gift. If the foreign gift is less than $100,000 nothing is reported to the IRS.

Gifts received, domestic or foreign are not reported on a tax return.