Catalyst V

Other tax discussions

Gifts received from an individual are not reported on a tax return, regardless of the amount received.


Gifts received from a foreign individual are only reported to the IRS if the amount received on an annual basis if over $100,000.   Use IRS Form 3520 to report the gift  from a foreign individual if over $100,000.


The requirement for reporting this type of gift is per individual.


If the gift is $100,000 or less then you have no requirements to report this gift.