International money transfer

Hello

i need some advice about international money transfer, my mom (Thai citizen) gave me $50,000 as birthday gift but my younger brother transferred me this money to my bank account in USA (i am permanent resident), not my mother. Is it gonna be issue about person transferring money?

I just wonder when refer about gift money, it should be from parents , family member or can be anyone like friend?
Please advise, thank you very much

275

Level 15

Apr 30, 2023 4:26:16 PM

a gift is a gift regardless of the donor unless it is disguised compensation.

You are required to report the receipt of foreign gifts or bequests only if the applicable threshold is exceeded. For purposes of determining the reporting thresholds, you must aggregate gifts received from related parties. See the instructions to Part IV of Form 3520 for more information; see also Section VI of Notice 97-34PDF.

For gifts or bequests from a nonresident alien or foreign estate, you are required to report the receipt of such gifts or bequests only if the aggregate amount received from that nonresident alien or foreign estate exceeds $100,000 during the taxable year. If the gifts or bequests exceed $100,000, you must separately identify each gift in excess of $5,000.

since you only received $50K as of now there is nothing to report.

Level 2

Apr 30, 2023 6:08:36 PM

Thank you so much for your answer

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International money transfer