Hello... My sister, who is a US Citizen, is currently in another country. She is giving me a gift in the amount of less than $100K, do I need to complete IRS Form 3520?

[DoninGA · Accepted solution]

No, you do not file a Form 3520.  That is only required if you receive a gift from a foreign individual who is not a US citizen or US resident and the amount is greater than $100,000.  Since your sister is a US citizen the Form 3520 is not required.

A gift received from an individual is not reported on your tax return, regardless of the amount received.

Since your sister is a US citizen she will be required to report the gift given if the amount is greater than $14,000 to a single individual.  She will need to file a Form 709 with the IRS to report the gift given.  There will not be any gift taxes owed if her total gifts given in her lifetime are less than $5.49 million (2017).  TurboTax does not support Form 709.

[ChoyAxxx]

Thank you DoninGA... This is extremely helpful