I received a financial gift (over 100k) from a Canadian family member and I hope that I understand the process correctly.
1) Does the tax treaty with Canada allow us to consider large gifts from Canadians as tax free?
2) I complete information about the gift via 3520?
3) I complete 8938 (first part and part IV indicating number of forms)?
4) I complete the FBar?
5) The funds are currently in a foreign account. If I move the money to the US, will I need to complete any of the forms (3520, 3938, FBar) again in the future?
6) Are all of these forms available on Turbotax?
Thank you!
