So, if i understood you correctly the limit to the gift is $100,000.
The form 3520 will need to be filed next year with my taxes? or when the money is received?
Does the bank need to be involved in this declaration? of gift? or is this transparent to the bank?
I appreciate your help.
Ok, i apooligze for repeating the same questions over and over in different context/wording but i fear the IRS mostly due to ignorance.
I will receive $40K from my brother, with this, I dont need to report it to the IRS nor do I encoure in any penaly or additonal taxation, right?