I am an H1-B visa holder. I just got married in my country of origin. My wife is from the same country as me, and she is still applying for a dependent visa (H-4). She will be bringing the money (cash) that we received from our wedding guests because of our marriage (around 15.000 US$). Do I need to report it to the IRS? How does the tax regulation work for cash gifts out of US for foreigners?
You'll need to sign in or create an account to connect with an expert.
Gifts received are not considered income and are not entered on an income tax return.
And $15K is below the form 3520 requirement.
If you, as a US person, receive a gift of more than $100,000 from a foreign person, you are required to submit a Form 3520 to the IRS. Form 3520 is an informational form only. You do not report a gift received on your personal tax return, regardless of the amount received.
IRS Form 3520 - http://www.irs.gov/pub/irs-pdf/f3520.pdf
IRS Form 3520 instructions - http://www.irs.gov/pub/irs-pdf/i3520.pdf
Gifts received are not considered income and are not entered on an income tax return.
And $15K is below the form 3520 requirement.
If you, as a US person, receive a gift of more than $100,000 from a foreign person, you are required to submit a Form 3520 to the IRS. Form 3520 is an informational form only. You do not report a gift received on your personal tax return, regardless of the amount received.
IRS Form 3520 - http://www.irs.gov/pub/irs-pdf/f3520.pdf
IRS Form 3520 instructions - http://www.irs.gov/pub/irs-pdf/i3520.pdf
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
agm1188
New Member
bellamay1987
New Member
Shannon03
Level 2
haris_n
New Member
Shogun159
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.