Foreign Gifts

[AccTaxMan]

Form 3520 is required if a taxpayer receives a gift for more than $100,000 from a foreign national.

What about if a taxpayer receives gifts from two different foreign nationals and the total is more than $100,000?

For example, taxpayer's uncle and brother are both foreign nationals in a foreign country. His uncle gives him a gift of $70,000 and his brother gives him a gift $80,000. Is he required to file Form 3520 since the total of the two gifts is more than $100,000?

[appelman]

Related individuals.

The answer is yes, if the donors are related. See:

http://www.irs.gov/Businesses/Gifts-from-Foreign-Person

See also instructions to Form 3520.

Form 3520 is required if a taxpayer receives a gift for more than $100,000 from a foreign national.

What about if a taxpayer receives gifts from two different foreign nationals and the total is more than $100,000?

For example, taxpayer's uncle and brother are both foreign nationals in a foreign country. His uncle gives him a gift of $70,000 and his brother gives him a gift $80,000. Is he required to file Form 3520 since the total of the two gifts is more than $100,000?