What are the tax implications (if any) if I, a US citizen receive a lump sum of cash as a gift from an overseas relative?
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What are the tax implications (if any) if I, a US citizen receive a lump sum of cash as a gift from an overseas relative?
There are no tax implications; since the giver is a non-resident alien, no gift taxes are due.
If the amount exceeds $100,000, Form 3520 has to be submitted to report the source of the funds, but that is information only.
Thank you so much.
Glad to help!
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