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    #1

    Loan from Oversea

    Is there a filing requirement for a loan from oversea?

    Taxpayer received a loan from his non-resident parents from oversea last year. The principal is more than $100,000. But, if I remember correctly, the US recipient will need to file Form 3520 only if it is a gift. Since it is a loan in this case, I don't think there is a filing requirement. Does anyone agree or disagree?
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    #2
    It is not income and it is not a gift. No filing requirement, but he could possibly deduct the interest if he had to otherwise file.

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