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Do you have to report financial gifts from family outside U.S.? If I get a bank transfer in excess of $50K, is that considered foreign income? How much will it be taxed?

 
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Do you have to report financial gifts from family outside U.S.? If I get a bank transfer in excess of $50K, is that considered foreign income? How much will it be taxed?

Gifts received from an individual are not reported on a federal tax return, regardless of the amount received.

Gifts received from a foreign individual greater than $100,000 have to be reported to the IRS using Form 3520.  The form is an informational form only and not an income tax return.

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Do you have to report financial gifts from family outside U.S.? If I get a bank transfer in excess of $50K, is that considered foreign income? How much will it be taxed?

Gifts received from an individual are not reported on a federal tax return, regardless of the amount received.

Gifts received from a foreign individual greater than $100,000 have to be reported to the IRS using Form 3520.  The form is an informational form only and not an income tax return.

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