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Richard
Richard, Attorney
Category: Legal
Satisfied Customers: 55285
Experience:  Attorney with 29 years of experience.
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What, if anything, needs to be reported to the federal or state

Customer Question

What, if anything, needs to be reported to the federal or state (NJ) governments if I have $400,000.00 wired from my relative in India to my personal bank account in the USA?

The money will be used to purchase a business.
Submitted: 6 years ago.
Category: Legal
Expert:  Richard replied 6 years ago.
Good morning. Yes, because the amount is over $100,000, you will need to file Form

3120 with the IRS to declare transfer from the foreign country.

 

 

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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

 

Richard and 2 other Legal Specialists are ready to help you
Customer: replied 6 years ago.
I just went on www.IRS.gov and could not locate form 3120?
Expert:  Richard replied 6 years ago.
I'm so sorry...that was a typo...I meant to type Form 3520.