I received money from family members who are neither American citizens or permanent resident. What forms should I fill out? Or which product should I use on Turbotax

[Marketstar · Accepted solution]

Gifts are neither deductible for the donor nor taxable to the recipient.

Gifts received are not reported on your federal tax return, regardless of the amount received although there is a reporting requirement for certain gifts (generally over $100,000) from foreign persons using Form 3520

[casseycao]

what if the foreign national transfer the money to me through her own company? Is the form 3520 still applicable? Thanks!

[Marketstar]

Per IRS: If you received more than $100,000 from a nonresident alien individual or a estate (including foreign persons related to that nonresident alien individual or foreign estate) that you treated as gifts or bequests;  <a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/i3520.pdf">https://www.irs.gov/pub/irs-pdf/i3520.pdf</a>