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Level 3

Question

Gift

Forum|Forum|6 years ago
March 21, 2020
1 reply
5 views

My wife got a gift of about $4500 from her mother who lives in India. Do I need to report it and if so where in TT.

Level 15

Gifts received from an individual are not reported on a tax return, regardless of the amount received.

The gift received from a foreign person only has to be reported to the IRS if the amount of the gift is over $100,000.

mani6Author

Level 3

Thanks