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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

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‎September 4, 2020 8:05 AM
last updated ‎September 04, 2020 8:05 AM
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DoninGA
Level 15
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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‎September 4, 2020 8:09 AM
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DoninGA
Level 15
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.

‎September 4, 2020 8:09 AM
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