I wanted to know how to approach the following scenario:
Non-US citizen (my uncle) wants to give a gift of $150,000 US to me (I'm a US Citizen). He ended up wiring the $150,000 to my mom, a US citizen, in order for her to give it to me .
Can I receive the above from my mom (via personal check) & simply fill out a 3520 form indicating so? Or will my mom need to fillout the 3520, & end up having to use $136k against her lifetime estate excemption? ($150k minus 14K gift tax exemption for US to US citizen = $136K). If the former, does my mom need to do anything on her end when filing taxes?
Long story as to why my uncle didn't wire the $150K directly to me; I already understand that would have been much easier.
Thx
Non-US citizen (my uncle) wants to give a gift of $150,000 US to me (I'm a US Citizen). He ended up wiring the $150,000 to my mom, a US citizen, in order for her to give it to me .
Can I receive the above from my mom (via personal check) & simply fill out a 3520 form indicating so? Or will my mom need to fillout the 3520, & end up having to use $136k against her lifetime estate excemption? ($150k minus 14K gift tax exemption for US to US citizen = $136K). If the former, does my mom need to do anything on her end when filing taxes?
Long story as to why my uncle didn't wire the $150K directly to me; I already understand that would have been much easier.
Thx