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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15203
Experience:  15years with H & R Block. Divisional leader, Instructor
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I received a gift of over $100k in cash from my sisters

Customer Question

Hello,I received a gift of over $100k in cash from my sisters during 2014. I am wondering if I have to report it, how and if I have to pay taxes on it. I am a US citizen, but my sisters are not.
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.


If your sisters are not US persons then you would need to report this money on form 3520. It is not taxable to you but because it comes form non US sources ( your sisters) the Treasury requires you report it.

Form 3520 is due on the date that your income tax return is due, including extensions.

Send Form 3520 to the Internal Revenue Service Center, P.O. Box 409101, Ogden, UT 84409.

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Customer: replied 1 year ago.
Do I have to file it WITH my tax return or can this be filed independently?
My sisters are foreign nationals, but they have an account in the US for their investments. They don't have a social security # ***** have ever filed taxes in this country. Can the IRS go after them by freezing their account or something like that? I read already that publication you sent me a link to, but found it very ambiguous and confusing.
Expert:  Robin D. replied 1 year ago.

It does not go with your return. It goes to the address I provided.

The form 3520 is what you use. If your sisters are not US persons and not in the US as resident aliens then they are not under US tax law and the IRS would go after any of they assets.

That was not a publication but the actual form you will have to complete.

You can have a tax professional complete just the form for you.

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Expert:  Robin D. replied 1 year ago.

I hope the information was useful