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Gifts are not taxable, so you will not pay tax on the gift
However, if the gift is over $100,000 you will need to report it on form 3520
There will be no tax due. It's an information only return.
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Even if the gift is not from an uncle or a friend?
It doesn't matter who gives you the gift, it's tax free
I mean even if the gift IS from an uncle or a friend?
ok thank you..so when they wire the money they just need to mark the wire/ACH as "gift"?
They can do that, yes
and you will file form 3520 if the amount is greater than $100,000
ok thank you
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