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I have a similar situation as the post in the following

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link. http://www.justanswer.com/tax/1y5x6-foreign-gift-tax-question.html I am on F-1 (pending...
I have a similar situation as the post in the following link.
http://www.justanswer.com/tax/1y5x6-foreign-gift-tax-question.html
I am on F-1 (pending change of status to h1-b) visa, and will be receiving money from my parents as gifts to purchase a house. Due to money transfer restrictions the total amount of money will have to be broken into 10+ transfers from multiple people (family and friends). What implication does this have on my tax and what is on my duty to be reported? What about other duties/implications regarding receiving money as gift from overseas in this way?
Thanks,
Fiona
Submitted: 2 years ago.Category: Tax
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Answered in 3 hours by:
5/24/2015
Tax Professional: Barbara, Enrolled Agent replied 2 years ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,215
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Hi, Fiona.
Welcome to Just Answer. My name is ***** ***** it will be my pleasure to assist you with your tax question today.
The explanation given in the link you provided is accurate as to the tax liability of gifts. There is no tax liability for these gifts to you. If the gifts total more than $100,000, you will have a reporting requirement and will use Form 3520.
http://www.irs.gov/uac/Form-3520,-Annual-Return-To-Report-Transactions-With-Foreign-Trusts-and-Receipt-of-Certain-Foreign-Gifts
The donors (your family and friends) have no reporting requirement and/or tax liability because they are not in the U.S.
Please let me know if you require further information or clarification.
Thank you and best regards,
Barb
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Tax Professional: Barbara, Enrolled Agent replied 2 years ago
Just following up with you to see if you have any other questions. If so, please come back to me here at your convenience, and I will be happy to assist you. If not, please take a moment to rate my answer since that is the only way I receive credit for answering you and alerts Just Answer to compensate me.

Best regards,
Barb
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Barbara
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