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Megan C
Megan C , Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16539
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Hi, my father is not a U.S. citizen, and is planning to distribute

Resolved Question:

Hi, my father is not a U.S. citizen, and is planning to distribute some of his cash holdings to me and my sister.
He lives in Jordan, and if he does do that, I am planning to transfer my share to the U.S. to my U.S. accounts. I am a U.S. citizen.
Are these taxable? Are there any considerations that I have to take into account…??
Thanks a million
Submitted: 2 years ago.
Category: Finance
Expert:  Megan C replied 2 years ago.

MyVirtualCPA :

Hello and welcome to JustAnswer.com

JACUSTOMER-rza3p7mm- :

Hi

MyVirtualCPA :

No, these transfers are not taxable to you - but if you receive more than $100,000 you will need to report the amount to the IRS on form 3520

MyVirtualCPA :

But no tax is due

JACUSTOMER-rza3p7mm- :

So it is just a matter of reporting

MyVirtualCPA :

Yes, just a matter of reporting. No tax is due as it is a gift

JACUSTOMER-rza3p7mm- :

it might be around $700 K

MyVirtualCPA :

Yes, not taxable to you but definitely reportable

JACUSTOMER-rza3p7mm- :

So, what kind of documents do I need to have to file

MyVirtualCPA :

Form 3520

JACUSTOMER-rza3p7mm- :

Are there any additional proof needed to attach to the form?

MyVirtualCPA :

No, there's not

MyVirtualCPA :

it's a gift

JACUSTOMER-rza3p7mm- :

Cool… That great… how can I get additional advise from you in the future?

MyVirtualCPA :

You can contact me here and ask for MyVirtualCPA directly

JACUSTOMER-rza3p7mm- :

Cool, thanks a million, I really appreciate your time, and enjoy your labor day weekend.

MyVirtualCPA :

http://www.justanswer.com/finance/expert-myvirtualcpa/

MyVirtualCPA :

You too. Please take a moment to rate my response as "excellent" so that I may receive credit for assisting you today

MyVirtualCPA :

The rating feature is located along the bottom of your screen

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Expert:  Megan C replied 2 years ago.
Thanks, XXXXX XXXXX you had trouble with our chat at the end. If you would, review my respose and let me know if you have further questions. If not, please rate my response as "excellent" so that I may receive credit for assisting you today. Thanks!