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Get your taxes done using TurboTax
Yes, a US person would declare a cash gift from a foreign person even if that money is received in a foreign account. Form 3520 reports gifts in a calendar year that exceed $100,000. Gifts under this amount do not require a report. As indicated above, no tax is due when this form is filed as it is an information filing only.
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‎December 21, 2023
10:12 AM
1,716 Views