Taxes

Report foreign gifts received over $100,000

Clients with international financial transactions, specifically those with family overseas, need to keep this in mind.

To keep it simple, we could focus on three points:

  • Gifts received from a foreign source over $100,000 require disclosure to IRS even if not taxable.
  • There is a specific procedure for reporting omitted reports from past years.
  • The tax penalty for not complying with this procedure is severe.

Consider this story in Procedurally Taxing for more information.

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