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.