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If a U.S. Citizen receives a $150,000 gift from from someone

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who used to be a...
If a U.S. Citizen receives a $150,000 gift from from someone who used to be a P.R., but is no longer a P.R. does any tax forms have to be filed, and by whom?
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Submitted: 2 years ago.Category: Tax
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Answered in 2 hours by:
8/27/2015
Tax Professional: Barbara, Enrolled Agent replied 2 years ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,466
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you today.

If a U.S. citizen receives a gift from a foreign person that is more than $100,000, the U.S. citizen (person receiving the gift) is required to REPORT the gift on Form 3520, but there is no tax due on the gift.

The following link contains excellent information including the link to 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

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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 or concerns. 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
Barbara
Barbara, Enrolled Agent
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Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

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