MY SON AND I ARE BOTH GREEN CARD HOLDERS IN THE USA. FOR THE YEAR 2021, I RECEIVED MORE THAN $100,000 WIRING FROM ABOAD FROM MY SPOUSE WHO HAS NO US IMMIGRATION STATUS. THE MONEY WAS FOR MY LIVING EXPENSES AND OUR SON'S TUITION IN THE USA. DO I NEED TO REPORT IT USING FORM FORM 3520?
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@ZHENGFEIPENG99 wrote:
IS MONEY FROM MY SPOUSE CONSIDERED TO BE A GIFE ?
Yes, it is a gift, but gifts between spouses are not subject to gift tax. That has nothing to do with form 5320 which applies to any foreign transfer of funds over the limit whether a spouse or not.
The purpose of the form is to track large sums of foreign money entering the US.
Yes, you have to report the gift received from a nonresident foreign individual to the IRS using IRS Form 3520 since the gift was more than $100,000.
IRS Form 3520 - https://www.irs.gov/forms-pubs/about-form-3520
IS MONEY FROM MY SPOUSE CONSIDERED TO BE A GIFE ?
@ZHENGFEIPENG99 wrote:
IS MONEY FROM MY SPOUSE CONSIDERED TO BE A GIFE ?
Yes, it is a gift, but gifts between spouses are not subject to gift tax. That has nothing to do with form 5320 which applies to any foreign transfer of funds over the limit whether a spouse or not.
The purpose of the form is to track large sums of foreign money entering the US.
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