☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Sep 4, 2020 8:05:34 AM

Gifts

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

0 1 487
1 Best answer
Level 15
Sep 4, 2020 8:09:58 AM

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.

1 Replies
Level 15
Sep 4, 2020 8:09:58 AM

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.