@mellisa4283 wrote:
Is 100 k taxable if the money is received from a non us resident from china? Would you be able to provide the section an codes?
Gifts received from an individual are not reported on a tax return, regardless of the amount received.
However, gifts received from a foreign individual in the amount more than $100,000 have to be reported to the IRS using Form 3520. There are no taxes owed on the gift received but the gift must be reported to the IRS. TurboTax does not support Form 3520.
IRS Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts - https://www.irs.gov/forms-pubs/about-form-3520
This answer has been verified for accuracy by an Intuit expert employee
