Receiving Gift of $100,000

Forum|Forum|3 years ago
December 21, 2022
5 replies
45 views

Hi all,

My wife receive a cash gift (cash transferred into her account) from her sister in the amount of $100,000. I understand her sister would need to file Form 709 as the giver, and my wife as a receiver doesn't have to do anything. But, wouldn't IRS like to know how a $100,000 pops up on her account? My wife and I file a join-return, should we not say anything about it on our tax forms? Would VA state tax us on the money?

Thank you for any input you could provide.

Not A Product Question

RacknarockGodAuthor

Level 2

I just remember that her sister is not American citizen and she doesn't live in US so Form 709 wouldn't apply to her.

DoninGA

Level 15

@RacknarockGod wrote:

I just remember that her sister is not American citizen and she doesn't live in US so Form 709 wouldn't apply to her.

If the gift was from a foreign individual and the amount of the gift is over $100,000 then the receiver of the gift has to file an IRS Form 3520 to report the gift received.