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I'm a US residence who lived more than 183 days in a the…

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I'm a US residence who...
I'm a US residence who lived more than 183 days in a the past year with an investment visa. I received $500K cash from my in laws and parents who live overseas in 2017. Do I have to report this on my tax return?
Submitted: 26 days ago.Category: Tax
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3/29/2018
Tax Professional: Barbara, Enrolled Agent replied 26 days ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,798
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.

Gifts are NOT taxable to U.S. residents so you would not report the gift on your tax return and no tax will be due.

Because the amount is over $100,000, you will have a REPORTING requirement only.

You will use Form 3520 to report the gift.

https://www.irs.gov/forms-pubs/about-form-3520

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,798
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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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