Have a Finance Question? Ask a Financial Expert Online.
Hello and welcome to JustAnswer.com
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
But no tax is due
So it is just a matter of reporting
Yes, just a matter of reporting. No tax is due as it is a gift
it might be around $700 K
Yes, not taxable to you but definitely reportable
So, what kind of documents do I need to have to file
Are there any additional proof needed to attach to the form?
No, there's not
it's a gift
Cool… That great… how can I get additional advise from you in the future?
You can contact me here and ask for MyVirtualCPA directly
Cool, thanks a million, I really appreciate your time, and enjoy your labor day weekend.
You too. Please take a moment to rate my response as "excellent" so that I may receive credit for assisting you today
The rating feature is located along the bottom of your screen