my wife and I a permanent resident in the US In 2017, I received 99,000 dollars from my mother and father. My wife received 99,000 dollars total from her mother and father. 4 people are in China and all Chinese citizen. do I have to file 3520?
Yes according to the IRS link below, you must report if the gifted value is greater than $100,000 received from related parties. Even though you each received $99,000 the combined total received from related parties should be taken into account (in-laws). You don't want to receive penalties.
TurboTax does not support the form. You can complete with the link below.
Yes according to the IRS link below, you must report if the gifted value is greater than $100,000 received from related parties. Even though you each received $99,000 the combined total received from related parties should be taken into account (in-laws). You don't want to receive penalties.
TurboTax does not support the form. You can complete with the link below.