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Returning Member
posted Jan 4, 2024 5:23:48 PM

A gift from overseas, how do I report it?

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1 Best answer
Level 15
Jan 4, 2024 5:35:21 PM

You will need to be more specific.   In general, gifts you receive are not reported on a tax return.  Gifts are not taxable.   But is your aunt giving you a very large amount of money?   Depending on how much your aunt gives you, you might need to file a form 3520 for the gift from a person from a foreign country.

 

If the gift is over $100K you must file a 3520 form, which is not supported by TurboTax.   That form has to be filed separately from your income tax return.  

3 Replies
Level 15
Jan 4, 2024 5:35:21 PM

You will need to be more specific.   In general, gifts you receive are not reported on a tax return.  Gifts are not taxable.   But is your aunt giving you a very large amount of money?   Depending on how much your aunt gives you, you might need to file a form 3520 for the gift from a person from a foreign country.

 

If the gift is over $100K you must file a 3520 form, which is not supported by TurboTax.   That form has to be filed separately from your income tax return.  

Returning Member
Jan 4, 2024 5:42:46 PM

Is deferent from state to state?

Level 15
Jan 4, 2024 5:44:44 PM

No.   That form is a federal form that is filed with the IRS, not the state.