If in one year I received:
1. Foreign wire transfer from a foreign relative(two wires on two different dates, totaling $50,000)
2. Proceeds from foreign life insurance upon the death of a foreign relative (different relative from 1, totaling $100,000)
how should I write the description on Part IV 54 (b)?
They all show up in my US bank account as wire transfer(they were all directly deposited into my US bank account), so can I just sum them all together and describe it as one "foreign wire transfer" totaling $150,000 and using the first day of the wire transfer as the date of the bequest?
You'll need to sign in or create an account to connect with an expert.
@oboero2 , I thought we had discussed this in general on another of your posts. Just in case , please see this pub. from the IRS -- this lays quite clearly the IRS position on what and how to report.-->
Gifts from foreign person | Internal Revenue Service
Is there more I can do for you?
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Zen_b
Returning Member
oboero2
Returning Member
JackSpaniel
Level 2
Wander1
Returning Member
mgt7
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.