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-   -   Tax on money transferred into us (https://www.askmehelpdesk.com/showthread.php?t=429917)

  • Dec 31, 2009, 05:19 AM
    ramo561
    Tax on money transferred into us
    Im living in the USA and plan to receive a money transfer of over 100k from my parents overseas. Do I have to report transaction and will I owe taxes on money and if so how much,
  • Dec 31, 2009, 05:52 AM
    tickle

    There won't be tax on the money from overseas, but on large amounts your bank may want to know where it came from, which is understandable.

    Tick
  • Dec 31, 2009, 10:06 AM
    AtlantaTaxExpert
    You will need to file Form 3520 to report the transfer.
  • Dec 31, 2009, 10:54 AM
    MukatA

    The receiver of gift does not pay any taxes even when the gift is from foreign sources. If the gift from foreign sources exceed $100,000 you must file Form 3520.

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