My relative will send me 15k from a foreign country as a gift. She would send it via bank transaction (not cash). Do I need to report it in form 3520? Is this taxable?
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My relative will send me 15k from a foreign country as a gift. She would send it via bank transaction (not cash). Do I need to report it in form 3520? Is this taxable?
My relative will send me 15k from a foreign country as a gift. She would send it via bank transaction (not cash). Do I need to report it in form 3520? Is this taxable?
You only report a gift received from a foreign person to the IRS on Form 3520 if the amount of the gift or value is greater than $100,000
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