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.