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I am expecting a large sum of money from Hungary. It will be

deposited directly into my bank...
I am expecting a large sum of money from Hungary. It will be deposited directly into my bank account from a bank in Hungary. What are the income tax rules on something like this? Also is there a limit to the amount of money that can be transferred in one day from a foreign country?
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Answered in 7 minutes by:
9/11/2013
MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,342
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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Hi and welcome to JustAnswer:

You haven't stated where the funds are coming from. If this is a gift, there is no tax to pay. However, you are required to report receipt of gifts in excess of $100K on Form 3520 (link to form and instructions below). All gifts received within a calendar year would be combined.

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

http://www.irs.gov/pub/irs-pdf/i3520.pdf
MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,342
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
Verified
MequonCPA and 87 other Tax Specialists are ready to help you
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Customer reply replied 4 years ago


Thank you!

Hi Altha -

You're welcome. Glad I could help.
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MequonCPA
MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,342
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Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.

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