- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
Yes, for tax year of 2016, you are considered as a resident for tax purposes. Was the gift amount over $100,000? If not, it is not taxable to you, you do not need to report it. If yes , you will need to file a Form 3520 which is not supported by TurboTax. This form is an informational form only and the amount of the gift received is not reported on your Form 1040.
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
For more information, see https://www.irs.gov/businesses/gifts-from-foreign-person
‎June 4, 2019
3:31 PM