How A US Citizen Reports gifts from a foreign person and distributions from a foreign trust
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- Опубліковано 5 вер 2024
- How A US Citizen Reports gifts from a foreign person and distributions from a foreign trust
Generally gifts received from a foreign person that do not include any US assets are not taxable in the US. Also, distributions from a foreign non grantor trust that do no contain US assets would generally not be taxable either. See the above links for more references.
In either case, Form 3520 needs to be filed to report the receipt of gifts from foreign persons as well as distributions from foreign trusts.
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www.irs.gov/bu...
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![I received a foreign gift. Do I have to pay Taxes in the US? [2020-2021-2022]](http://i.ytimg.com/vi/he4qN6__eTw/mqdefault.jpg)
just what I needed to know. thank you.
Glad you found it useful!
Thank you for sharing the knowledge. Can you talk about when the gift from a foreign person involves a US property? For example, the foreign person use his foreign income to purchase a house in the US and then gift it to a US legal resident. What is the tax factors in this case?
If you have further inquiries, you can send an e-mail to support@jamesbakercpa.com
I live in the US and I am a US Citizen. My parents in a foreign country (Non US Citizens) recently passed away. Their estate was settled and I was given $6000 (six thousand) as my inheritance. Do I need to file Form 3520?
Thank you for this video. I am looking for information on just the opposite situation. My wife and I are US citizens but my wife was naturalized and gave up her original citizenship. She has one child, a foreign citizen, living in her previous country. When we leave our inheritance, we want that child to get the same as our children in the US who have US citizenship. We would also like to start sharing with them while we are alive. So I need to know if the (gift & inheritance) tax exclusions apply when a US citizen gifts and/or leaves inheritance to a non resident non citizen of the US. Of course that child will have to deal with any tax laws in her own country, a country which taxes the receiver and not the giver. But I would like to know from our US side what the implications are.
Hello boolee, if you need help you can schedule a call with my specialized team totally free
lt.jamesbakercpa.com/jbytcomment
Does it apply to a bank deposit in a US bank?
Hello Jim, First and foremost thank you for this video.
Question on Part IV of form 3520, filling out gifts received:
If the foreign gift(cash) resides in foreign bank account and is more than US$100,000, does that need to be filed? Am I correct to assume that only foreign gift(cash) deposited into U.S. bank account requires filing?
Thank you for your time.
Mike
What if a it is a foreign irrevocable non-grantor trust that has no US assets. Does the trust or creator or the beneficiaries have to pay taxes if they are US citizens?
The video kept stopping so I wasn't sure if it was answered. Sorry
DD generally yes but as always it depends.
@@jimbaker what is the depends part?
If you have another question, you can send an e-mail to support@jamesbakercpa.com
Is there any state tax to be concerned about if you live in California and file this form?
Hi George, please write to support@jamesbakercpa.com so we can help you out. Thanks!
Hello, great video! I will be receiving a sum of greater than 100,000 in gifts from people who are not related. The gift amount from each person will be less than 100,000. Am I still mandated to file the form?
Thank you! We are happy to hear you found our video helpful! Please email us at support@jamesbakercpa.com
Does a gift from a foreign grandmother as a check from her US bank account is taxable?
Hello, with just that information. Yes, it is taxable.
can somebody help me to fill the form to be sent ? Thanks
Hi. Please schedule a call with my team lt.jamesbakercpa.com/jbytcomment
Hi, if I just got a gift from my parents and are required to fill only page 1 and 6 do I have to send to the irs all 6 pages or just those 2. Thanks.
Hi CCR, thank you for watching. I need more information to answer your question. Please, schedule a FREE call with my team. They will answer your question and provide important information. You can schedule here: lt.jamesbakercpa.com/jbytcomment
@Multimedia M73 👍
Hello James, thanks for your video. My father is a Mexican National but has a bank account in the US and would like to distribute exactly 200K between my sister and I (100K each). Q1. Can that be treated as a foreign gift? Q2. Do we need to reported since Form 3520 says "more" than 100K not a 100k or more...?
Hi Luis, I see your question and I would like to help you. You can send a message to my support email so I can help you. Support@jamesbakercpa.com
Hi if the cash gift were coming from US private bank from my parents who are non resident alien, will this still follow form 3520?
Hello Willliam, at this moment we do not manage an answer, but if you like to send an e-mail with your inquiry to support@jamesbakercpa.com
If foreign gift exceeding 100k usd is given by non relative and non US citizen, is there tax on that?
There is no tax but if the recipient is a US person then the gift needs to be reported. Just no tax.
Hello, we invite you to send any doubt to the e-mail with your inquiry to support@jamesbakercpa.com
Is this only if you receive a gift of 100K or more? My wife is getting 20K from her mother in Thailand. Would we have to report this?
Nope
Traveler you need to report it if the money is more than 15,000 per year
So if my mom sends me cash gift from a foreign country, i dont even have to report it? (Under 30k total)
Hello Judith, If you have further inquiries, you can send an e-mail to support@jamesbakercpa.com