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I received foreign property (more than100k) and cash gift (aggregated to 48k) in 2023 from my mom, do I list them all in 54b? For cash gift, what can I put on description?
My mom gifted a house and send some cash gift to bank account in 2023. I know that I need to file 3520. For the cash gift, the cash was splitted and sent in Feb, Mar, May, and June totaling of 48k. Do I list the cash gift in as a whole amount or list them separately by date? On the description of cash gift, what should I put ( would" received wire transfer from parent" be acceptable?)
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March 18, 2024
7:55 AM