Reporting Foreign Gifts and Inheritance to the IRS: Form 3520
While gifts and bequests from nonresident aliens are usually not taxable, they must be reported to the IRS if they are above a certain threshold. Generally, U.S. persons who receive the aggregate amount of $100,000 or more in gifts and/or bequests from nonresident aliens or a foreign estate (including foreign persons related to that nonresident […]