@kvipark wrote:
The 100k of gift that i have to report, does this amount get reset every year?
For example, If i receive 80k this year and 80k next year, do i have to report?
do you happen to have the source where you found this answer?
For reporting a $100K or more foreign gift?
The 3520 is an annual report for each year such a gift is received.
Here are the 3520 instructions and who must file.
https://www.irs.gov/pub/irs-pdf/i3520.pdf
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
