Accepted Answer

Generally you are required to complete and file Form 3520 upon the transfer of $100,000 or more into the US.

http://www.irs.gov/pub/irs-pdf/f3520.pdf

The form itself specifically mentions foreign trusts but most observers feel, out of an abundance of caution presumably, that it applies to inheritances, gifts, and loans as well.

The instructions for Form 3520 are here:

http://www.irs.gov/pub/irs-pdf/i3520.pdf

Among the interesting definitions in the instructions are the terms "Obligation" and "Qualified Obligation".

If your amount is over $100,000 it would probably be a good idea to have your own personal tax practitioner review the form and related instructions, and decide for you whether or not this form needs to be completed and filed. It is a reporting form only, and no tax is due because of the filing of the form, but if the dollar amount is more than $100,000 you, too, should operate under an abundance of caution.

Expert:	The Guy Behind the Tree
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Answered:	2/15/2008

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