Is there any form we have to submit while filing taxes, to declare any monetary gifts received via wire transfer from non US citizens?

Forum|Forum|1 year ago
January 5, 2025
2 replies
50 views

We are US residents for tax purposes. The gifts senders are direct family members.

Best answer by DoninGA

If the gift is from a foreign person and the amount of the gift is over $100,000 then you are required to report the gift to the IRS using IRS Form 3520 - https://www.irs.gov/forms-pubs/about-form-3520

DoninGA

Answer

Level 15

pk_

Level 15

@varun-joe , assuming the recipient is US person ( citizen/ GreenCard / Resident for Tax purposes ), and if the amount received in a year is equal or greater than US$100,000 you need to file a form 3520.

See here --> About Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts | Internal Revenue Service

There is NO TAX CONSEQUENCE.

Also note that the receiving bank will raise a SAR ( Suspicious Activity Report ) as a matter of course but usually these are closed internally. For large amounts ( in the range of Millions, see US Treasury pubs. on the subject and may even require permission ).

Is there more I can do for you ?

Namaste Varun ji