I received a financial gift (over 100k) from a Canadian family member and I hope that I understand the process correctly.
1) Does the tax treaty with Canada allow us to consider large gifts from Canadians as tax free?
2) I complete information about the gift via 3520?
3) I complete 8938 (first part and part IV indicating number of forms)?
4) I complete the FBar?
5) The funds are currently in a foreign account. If I move the money to the US, will I need to complete any of the forms (3520, 3938, FBar) again in the future?
6) Are all of these forms available on Turbotax?
Thank you!
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I have one follow up question about the FBar. My spouse and I are on the foreign account jointly. I am also one one other foreign account jointly with someone else (Canadian Citizen). He is not on any other foreign accounts. Do my spouse and I complete one FBar together or each complete it separately?
According to FinCen regulations, The spouse of an individual who files an FBAR is not required to file a separate FBAR if the following conditions are met:
For you and your Canadian Partner, each of you will need to file an FBAR separately each reporting the full value of the jointly owned accounts.
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