3117856
My relative is planning to wire about >10K cash for my Grandparents inheritance to me overseas. Do I need to file 8300 since the transaction is over 10K? or any other forms?
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Funds transferring from a US account to an overseas account are not reported by you on any type of tax form.
Inheritances received are not reported on a federal tax return, regardless of the amount inherited.
Thanks for the quick response. It is the other way around. I assume it is the same?
Gifts given to a person are not reported on federal tax return. Unless the gift given is over $17,000 (2023) then giver of the gift, if a US citizen or resident, has to report the gift give on a Form 709.
The receiver of the gift does not report the gift received on a federal tax return, regardless of the amount received.
The IRS Form 8300 is only used by a Trade or Business. Each person engaged in a trade or business who, in the course of that trade or business, receives more than $10,000 in cash in one transaction or in two or more related transactions, must file this form.
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