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    Dbla's Avatar
    Dbla Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jan 1, 2015, 03:50 PM
    Tax question concerning overseas money
    Gifted money from overseas but gifter wants to remain anonymous. Money will come into a US account. Is this even possible
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jan 1, 2015, 04:40 PM
    Yes, no problem.

    If the gift amount is LESS than $17,000, you do not even have to submit any reports/returns.
    IntlTax's Avatar
    IntlTax Posts: 831, Reputation: 23
    Tax Expert
    		  
    #3

    Jan 3, 2015, 05:36 PM
    Money laundering?
    Scam?
    From a corporation? (Threshold for reporting on 3520 is $15,601)
    Not a gift in substance?
    Not sure where the $17,000 number that ATE mentions comes from?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Jan 3, 2015, 06:49 PM
    Traveling, so I cannot research the gift tax exemption amount, but I thought it went up to $17K.

    I will yield to IntlTax on the Form 3520 threshold.
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