Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Taxes (https://www.askmehelpdesk.com/forumdisplay.php?f=320)
-   -   Overseas Money Transfer/Gift (https://www.askmehelpdesk.com/showthread.php?t=742831)

  • Apr 5, 2013, 05:45 PM
    Cash007
    Overseas Money Transfer/Gift
    I am employed in the US but not a US citizen. My uncle, who is not a US citizen either and lives overseas, would like to gift me money by sending it as a wire transfer from he's account overseas to mine in the US. Assuming the amount is between US $500K - $1M, what would be my IRS Tax filing/declaration requirements if any? Would I have to actually pay any taxes?
  • Apr 5, 2013, 10:53 PM
    AtlantaTaxExpert
    NO taxes will be due, but the transaction will need to be reported on Form 3520.

    • All times are GMT -7. The time now is 03:12 AM.