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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.
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