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    teamjacob's Avatar
    teamjacob Posts: 2, Reputation: 1
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    #1

    Aug 13, 2012, 07:53 PM
    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?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Aug 13, 2012, 09:01 PM
    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.
    teamjacob's Avatar
    teamjacob Posts: 2, Reputation: 1
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    #3

    Aug 24, 2012, 07:38 AM
    Thank you so much.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Aug 24, 2012, 07:42 AM
    Glad to help!
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