A gift from overseas, how do I report it?

GS123 · ‎January 4, 2024

xmasbaby0 · ‎January 4, 2024

You will need to be more specific. In general, gifts you receive are not reported on a tax return. Gifts are not taxable. But is your aunt giving you a very large amount of money? Depending on how much your aunt gives you, you might need to file a form 3520 for the gift from a person from a foreign country.

If the gift is over $100K you must file a 3520 form, which is not supported by TurboTax. That form has to be filed separately from your income tax return.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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xmasbaby0 · ‎January 4, 2024

You will need to be more specific. In general, gifts you receive are not reported on a tax return. Gifts are not taxable. But is your aunt giving you a very large amount of money? Depending on how much your aunt gives you, you might need to file a form 3520 for the gift from a person from a foreign country.

If the gift is over $100K you must file a 3520 form, which is not supported by TurboTax. That form has to be filed separately from your income tax return.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

GS123 · ‎January 4, 2024

Is deferent from state to state?

xmasbaby0 · ‎January 4, 2024

No. That form is a federal form that is filed with the IRS, not the state.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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A gift from overseas, how do I report it?