topic Re: Foreign gift- cash question in Get your taxes done using TurboTax

Foreign gift- cash question

SandyG19 — Mon, 11 Oct 2021 06:39:01 GMT

I received over $ 104K in gifts from my brother and his wife. So, it's $52K per person and I don't need to file a foreign gift tax 3520. Am I right? Does it matter if the checking account where the money came from only has his name and not his wife's?

Thanks in advace

Re: Foreign gift- cash question

Anonymous_ — Mon, 11 Oct 2021 14:19:55 GMT

@SandyG19 wrote:

I received over $ 104K in gifts from my brother and his wife. So, it's $52K per person and I don't need to file a foreign gift tax 3520. Am I right?

Yes. The threshold for filing is $100,000 per (nonresident alien) individual.

See https://www.irs.gov/instructions/i3520#idm140547364644208

Re: Foreign gift- cash question

SandyG19 — Mon, 11 Oct 2021 17:45:44 GMT

Thanks, but it's not clear-- "More than $100,000 from a nonresident alien individual or a foreign estate (including foreign persons related to that nonresident alien individual or foreign estate)" Looks like it's aggregated if it's relatives- brother and sister or brother and wife.

Gifts that are received from related individuals must be aggregated to determine if you need to report. For example, if one nonresident gave you $40,000 and another related nonresident gave you $70,000, because the total is above $100,000, you will need to report the gift." https://www.lindsayandbrownell.com/a-gift-from-your-foreign-relative-could-cost-you/

Re: Foreign gift- cash question

Anonymous_ — Mon, 11 Oct 2021 18:43:28 GMT

@SandyG19

I believe you are correct since you have to include spouses of any persons related to you.

See Instructions for Form 3520 (2020) | Internal Revenue Service (irs.gov)