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gift from a non -resident

Forum|Forum|5 years ago
July 27, 2021
9 replies
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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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Best answer by Just-Lisa-Now-

Form 3520 maybe needed to report foreign gifts.

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

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Answer

Intuit Community Champion

Form 3520 maybe needed to report foreign gifts.

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

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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Thank you

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

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thank you

Level 12

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...