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-   -   Transferring money from overseas (https://www.askmehelpdesk.com/showthread.php?t=693521)

  • Aug 13, 2012, 07:53 PM
    teamjacob
    Transferring money from overseas
    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?
  • Aug 13, 2012, 09:01 PM
    AtlantaTaxExpert
    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.
  • Aug 24, 2012, 07:38 AM
    teamjacob
    Thank you so much.
  • Aug 24, 2012, 07:42 AM
    AtlantaTaxExpert
    Glad to help!

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