Welcome. My name is XXXXX XXXXX it will be my pleasure to assist you with your tax question today.
You will need to file Form 3520 to report the gift. This form is for reporting purposes only, and should not be included with your tax return. The due date for Form 3520 is the same as your tax return, including extensions.
The following contains excellent information regarding Form 3520:
Please let me know if you require further information or clarification.
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Hi in the link you gave me it is said that the IRS may re-characterize purported gifts from foreign partnerships or foreign corporations as items of income that must be included in gross income. So what document should be provided to the IRS to prove that the gift is from an individual but not from a legal entity? Is there a form which should be provided by a notary and which will be accepted by the IRS as a prove of the origin of the income? What about Promisory Note saying that I am taking a loan from a foreign person?
Thanks for your follow-up question. The following is the link to Form 3520:
The IRS will be relying on the information you provide on Form 3520. As I previously stated, it is for information purposes only. There will be no tax liability for you.