Solved

Receipt of Gift from Mother in India, transferred to USA

Forum|Forum|3 years ago
January 26, 2023
1 reply
0 views

I received $51K in Indian currency as Gift from my Mother in India, which I deposited in my bank account in India & the transferred it to my USA bank account.

I know I have to file FBAR, and since this is <$100,000 TurboTax dialogue says I don't need to enter any thing in TurboTax tax file creation. Also, since this less that $100K, I am not required to file 3520.

So, how do I report sources of these funds to IRS. which form or other ways I have to report?

TurboTax Live Self-Employed Online

Best answer by DavidD66

If you are single (or married filing separately) and total value of assets was more than $50,000 on the last day of the tax year, or more than $75,000 at any time during the year, of if you are married filing jointly, and the total value of assets was more than $100,000 on the last day of the tax year, or more than $150,000 at any time during the year. then you must file Form 8935 as part of your tax return. If this doesn't apply to you, then there is nothing you have to report to the IRS. I recommend you get a letter from your mother documenting that she gifted you the money. You should retain that letter with your tax records.

D

DavidD66Answer

If you are single (or married filing separately) and total value of assets was more than $50,000 on the last day of the tax year, or more than $75,000 at any time during the year, of if you are married filing jointly, and the total value of assets was more than $100,000 on the last day of the tax year, or more than $150,000 at any time during the year. then you must file Form 8935 as part of your tax return. If this doesn't apply to you, then there is nothing you have to report to the IRS. I recommend you get a letter from your mother documenting that she gifted you the money. You should retain that letter with your tax records.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"