W
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As I understand it, a gift from a foreign person to a U.S. person is not
taxable to the receiver. If however the gift exceeds $100K, then a form
3520 must be filed to declare the gift. My question is what happens in a
case where a U.S. person receives two or more gifts from different people
over the course of one tax year, the sum of which exceeds $100K?
Is the $100K actually a threshold that applies to all gifts received, and
once that threshold is crossed, then you are obligated to itemize each and
every gift received during that year?
taxable to the receiver. If however the gift exceeds $100K, then a form
3520 must be filed to declare the gift. My question is what happens in a
case where a U.S. person receives two or more gifts from different people
over the course of one tax year, the sum of which exceeds $100K?
Is the $100K actually a threshold that applies to all gifts received, and
once that threshold is crossed, then you are obligated to itemize each and
every gift received during that year?