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Marsmax99
New Member

Gifts

My brother send me money 100000 as a gift do I have to pay taxes from overseas

1 Best answer

Accepted Solutions
DoninGA
Level 15

Gifts

Gifts received from an individual are not reported on a tax return.

 

If the gift is from a foreign individual and the amount of the gift is greater than $100,000 the gift has to be reported to the IRS or Form 3520.  There are no gift taxes owed on the gift received but must be reported to the IRS.

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1 Reply
DoninGA
Level 15

Gifts

Gifts received from an individual are not reported on a tax return.

 

If the gift is from a foreign individual and the amount of the gift is greater than $100,000 the gift has to be reported to the IRS or Form 3520.  There are no gift taxes owed on the gift received but must be reported to the IRS.

View solution in original post

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