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Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 3375
Experience:  18+ years of experience in tax preparation; 25+ years of experience as a real estate/corporate paralegal.
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If a U.S. Citizen receives a $150,000 gift from from someone

Customer Question

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?
Thank you
Submitted: 1 year ago.
Category: Tax
Expert:  Barbara replied 1 year ago.

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

Expert:  Barbara replied 1 year 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