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Get your taxes done using TurboTax
You would Not include the wired/transferred funds on a federal tax return. The funds transferred would be considered a gift from a foreign person. Since the funds being transferred are from a foreign person and the amount is greater than $100,000, you will have to report the funds received on an IRS Form 3520. The Form 3520 is an IRS informational form only and you are not taxed on the transfer of funds.
TurboTax does not support Form 3520.
IRS Form 3520 - https://www.irs.gov/pub/irs-pdf/f3520.pdf
IRS Form 3520 instructions - https://www.irs.gov/pub/irs-pdf/i3520.pdf
‎June 3, 2019
11:44 AM