This year I received a sum of $26,000 USD from a Proprietary Limited in Australia. The funds were transferred to me in order to purchase a vehicle for an Australian friend of mine who is visiting the US. The friend doesn't have a US bank account. Within a week of the transfer I moved the funds out of my account by taking out a cashier's check in my name and purchased the car for the friend in his name. The vehicle was technically purchased by me as the cashier's check was in my name but the vehicle is registered to the friend.
I read that I'm required to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts if I receive a gift of more than $100,000 USD from a person in another country or if I received a gift of more than $17,339 USD from a foreign corporation or partnership. I believe I need to fill out Form 3520 on my next Annual Return. Do you know if I will have any tax implications for this or advice? I realize I could have done this many other ways but the transaction is already complete.
Thanks.
