354612
Is foreign cash gift from U.S resident(green card holder) needed to be reported on tax return? My mom is a U.S resident and she transferred $20,000 from her foreign bank account to my U.S bank account. I'm also a US resident and work in the US. According to IRS, Form 3520 only applies to those senders are nonresident alien . Since my mom is a U.S resident, how should I report the foreign cash gift? Thanks.
You'll need to sign in or create an account to connect with an expert.
Gifts received from an individual are not reported on a federal tax return, regardless of the amount received.
The IRS Form 3520 is only used if you received a gift from a foreign individual and the amount of the gift is over $100,000
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
rodiy2k21
Returning Member
vicente
Level 3
user17513306027
New Member
rhartmul
Level 2
johntheretiree
Level 2