nmr12354
Level 3
‎07-27-2021 07:26 AM

Client is a resident alien, (green card still pending) who has an Social Security number. Her father is a Russian citizen who lives in Russia. Her father wants to gift her approximately a million dollars (Russian Currency) Does she have any federal requirements (tax or reporting) upon receiving these funds?

 

She is married to a US citizen

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Just-Lisa-Now-
Level 15
Level 15
‎07-27-2021 08:11 AM

Form 3520 maybe needed to report foreign gifts.

https://www.irs.gov/forms-pubs/about-form-3520


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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Terry53029
Level 15
Level 15
‎07-27-2021 09:55 AM

here is IRS link: https://www.irs.gov/businesses/gifts-from-foreign-person

nmr12354
Level 3
‎07-27-2021 03:01 PM

Thank you

nmr12354
Level 3
‎07-27-2021 03:02 PM

thank you

PATAX
Level 15
‎07-27-2021 04:43 PM

I was curious so I did a quick search... 1 million Russian rubles equals $13,561.16 in US dollars... Check it out for yourself...

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PATAX
Level 15
‎07-27-2021 04:46 PM

If it is actually $1,000,000.00 in US Dollar currency then that would be equivalent to 73,740,000.00 in Russian rubles... 

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sjrcpa
Level 15
‎07-27-2021 04:59 PM

Does Russia allow that much money to leave the country?


The more I know the more I don’t know.
PATAX
Level 15
‎07-27-2021 05:20 PM

I'm not sure about Russia right now but I believe some countries do and some countries do not especially during times of financial recession, I.E. they try to keep the wealth within the country... Russia may have restrictions since in the past many wealthy Russians left and went to places like Cyprus where they deposited their money.. 

sjrcpa
Level 15
‎07-27-2021 05:49 PM

That's what I was thinking, but I do not really know.


The more I know the more I don’t know.