Gift Tax

[kathywood545]

I am going to recieve a big sum of money over $200,000 from family in Japan, Will I have to pay tax to IRS?

[mike12sd]

If you receive more than $105,000 from a foreign source gift, you must report it to the IRS on Form 3520. You only fill out pages 1 & 6. Should take you about 20 minutes. You do not have to pay any tax on the gift if you report it properly.

[sr106]

I thought that if you receive gift you don't need to pay any tax? I have receive money gift from my brother do I have to put those as income on my Individual Tax Return?

[admin]

All income are taxable, even a gift, most people simple don't put on tax return what they receive as a gift because lot of people give gift under a table with is cash! how Internal Revenue Services can find you if you give cash to somebody? there is not way IRS will catch you!

[cassie]

Actually their is a way the IRS can catch you. If you make a deposit of over $10,000 the bank is required to report it to the IRS. The IRS will then question you about it.