{"id":206,"date":"2022-06-24T22:00:41","date_gmt":"2022-06-24T22:00:41","guid":{"rendered":"https:\/\/ogtax.wpengine.com\/?p=131"},"modified":"2023-09-14T07:45:18","modified_gmt":"2023-09-14T07:45:18","slug":"gifts-from-a-foreign-person-non-resident-alien","status":"publish","type":"post","link":"https:\/\/oandgaccounting.com\/staging\/gifts-from-a-foreign-person-non-resident-alien\/","title":{"rendered":"Gifts from a Foreign Person\/Non-Resident Alien"},"content":{"rendered":"<div class=\"onefivequestion\" style=\"margin-top: 0px;\">\n<div class=\"section \">\n<div class=\"container  text-left\">\n<p><strong>QUESTION:<\/strong> I received a gift of $50,000 from a relative in another country (Foreign Relative). It is  the only foreign transfer I received in 2022. Do I need to file form 3520?<\/p>\n<p><strong>ANSWER:<\/strong>\u00a0You did not explain the reason for the gift, however such transfers based on your facts are technically considered\u00a0<a href=\"http:\/\/www.irs.gov\/Businesses\/Gifts-from-Foreign-Person\" target=\"_blank\" rel=\"noopener noreferrer\">foreign gifts<\/a>. There&#8217;s no requirement to file informational <a href=\"http:\/\/www.irs.gov\/pub\/irs-pdf\/f3520.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">3520<\/a>\u00a0form, unless the transfer exceeds $100,000. <\/p>\n<p>            <!--===============google ad=================--><\/p>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3039986354638252\"\n     crossorigin=\"anonymous\"><\/script><br \/>\n<ins class=\"adsbygoogle\"\n     style=\"display:block; text-align:center;\"\n     data-ad-layout=\"in-article\"\n     data-ad-format=\"fluid\"\n     data-ad-client=\"ca-pub-3039986354638252\"\n     data-ad-slot=\"7838143718\"><\/ins><br \/>\n<script>\n     (adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><\/p>\n<p><!--===============google ad=================--><\/p>\n<p>In summary, there\u2019s no reporting requirement here. However, if you received more than $100,000 from a <a href=\"http:\/\/www.irs.gov\/Individuals\/International-Taxpayers\/Foreign-Persons\" target=\"_blank\" rel=\"noopener noreferrer\">non-US person or foreign person<\/a>, then you will have to report it, unless it is <a href=\"http:\/\/www.irs.gov\/publications\/p525\/index.html\" target=\"_blank\" rel=\"noopener noreferrer\">taxable income<\/a>.<\/p>\n<p>Taxable income is reported on the\u00a0<a href=\"http:\/\/www.irs.gov\/pub\/irs-pdf\/f1040.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">form 1040<\/a>; whereas foreign gifts are generally reported on the form 3520.<\/p>\n<p>This\u00a0<a href=\"http:\/\/www.irs.gov\/pub\/irs-pdf\/i3520.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">instructions<\/a>\u00a0on form 3520 makes this requirement clear enough, see the quote below.<\/p>\n<p>You must file form 3520 if:<\/p>\n<p>You are a U.S. person who, during the current tax year, received either:<\/p>\n<ol class=\"upperalpha\" type=\"A\">\n<li>More than $100,000 from a nonresident alien individual or a foreign estate (including foreign persons related to that nonresident alien individual or foreign estate) that you treated as gifts or bequests; or <\/li>\n<li>More than $15,358 from foreign corporations or foreign partnerships (including foreign persons related to such foreign corporations or foreign partnerships) that you treated as gifts. <\/li>\n<\/ol>\n<p>Because you received $50,000\u00a0 from an individual who is a foreign person, and where such gift did not exceed $100,000,\u00a0 you are not required to file form 3520.<\/p>\n<\/ol>\n<p>If you&#8217;re in need of professional bookkeeping services, we recommend visiting our subsidiary, <a href=\"https:\/\/ursaservicesllc.com\/\" rel=\"noopener\" target=\"_blank\">URSA Services LLC<\/a>. They specialize in keeping your finances in order so you can focus on growing your business. Don&#8217;t worry, we&#8217;ll still be here to handle all your tax needs. <a href=\"https:\/\/ursaservicesllc.com\/\">Visit URSA Services LLC<\/a> today to learn more!!<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<div class=\"bookingblogsecsn\">\n<div class=\"row\">\n<div class=\"col-sm-12\">\n<div class=\"blgsectxtrt\">\n<p>                Book a paid consultation<br \/>\n                <a class=\"bookbutn btn_style\" href=\"https:\/\/oandgaccounting.com\/staging\/appointment-booking-form\/\">Yes, Book My Slot<\/a><\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>QUESTION: I received a gift ($50,000) from a relative in another country. It\u2019s the only income I received in 2015. Do I need to file a tax return?<\/p>\n","protected":false},"author":1,"featured_media":4880,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gifts from a Foreign Person\/Non-Resident Alien - O&amp;G Tax and Accounting<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/oandgaccounting.com\/staging\/gifts-from-a-foreign-person-non-resident-alien\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gifts from a Foreign Person\/Non-Resident Alien - O&amp;G Tax and Accounting\" \/>\n<meta property=\"og:description\" content=\"QUESTION: I received a gift ($50,000) from a relative in another country. 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