Question
Parents from India transferred ~40,000K to help buy house
Hi,
My parents transferred ~$40,000 from India to my account last year. I am a US Citizen . I have been reading online and see two forms 709 and 3520 . I am not sure which one do we need to submit ?
Form 709 talks about lifetime gift tax limit , is this for parents who are US citizens and children who are US citizens?
Form 3520 talks about reporting only if you get $100,000 from foreign national in a year . Else if you want you can still fillup the form and just let the IRS know .
It would be of great help if anyone can help me with this ...Thanks !!
