My sister from Vietnam will gift me $75000, do I have to pay taxes and report to the IRS. Does my sister have to do any paperwork stating that it is a gift from her?
Asked on 12/30/17, 2:49 pm
1 Answer from Attorneys
Virginia Prihoda
Law Offices of Virginia Prihoda
You should file IRS Form 3520 to report the gift. There is no taxable income nor any gift tax reporting required if your sister in not a U.S. person, but there is a responsibility on your part as donee to report the receipt of the gift. There are substantial penalties for failing to disclose the foreign gift on Form 3520.
Answered on 12/31/17, 2:15 pm
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