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Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 1017
Experience:  Tax Preparer for 16 years; 25+ years experience as a real estate/corporate paralegal.
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Hi, I am resident of the US and want to buy an apartment here.

Resolved Question:

Hi, I am resident of the US and want to buy an apartment here. My father wants to transfer $200k from his russian account in a russian bank to my american account in the US. My father is living, working, resident etc in Russia. Is there any tax on that transaction? In what form should it be registered so that I do not to have pay tax (a gift, loan, etc) and what documents should be prepared to prove it so that IRS do not withhold the tax?
Thanks!
Submitted: 11 months ago.
Category: Tax
Expert:  Barbara replied 11 months ago.

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:

 

http://www.irs.gov/Businesses/Gifts-from-Foreign-Person

 

Please let me know if you require further information or clarification.

 

Thank you and best regards,

Barb

Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 1017
Experience: Tax Preparer for 16 years; 25+ years experience as a real estate/corporate paralegal.
Barbara and 3 other Tax Specialists are ready to help you
Expert:  Barbara replied 11 months ago.

Hi, Irina.

 

Please let me know if I can assist you further.

 

Thanks.

 

Barb

Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 1017
Experience: Tax Preparer for 16 years; 25+ years experience as a real estate/corporate paralegal.
Barbara and 3 other Tax Specialists are ready to help you
Customer: replied 11 months ago.

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?

Expert:  Barbara replied 11 months ago.

Hi, Irina.

 

Thanks for your follow-up question. The following is the link to Form 3520:

 

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

 

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.

 

Thank you and best regards,

Barb

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