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Get your taxes done using TurboTax
Thanks v much DoninGA. Understood about 3520 requirement. My confusion is about US tax implication on my the gift giver (my father) - i.e. no tax if originating account is foreign, but tax assessed if originating account is US. There is some language about taxes if the gift is US Situs - but I wasn't sure if cash in US bank account is considered US Situs.
‎September 15, 2020
1:30 PM