Dual Citizen receives cash gift from Cdn mother
Moderator: Mark T Serbinski CA CPA
Dual Citizen receives cash gift from Cdn mother
Can anybody settle an argument..... Dual citizen receives $200,000 in cash from Canadian mother - does a 3520 need to be filed?
Yes. Because the gift was more than $100K
If your mother was a US citizen, SHE would owe gift tax, and you would report nothing.
But, becuse she is nota US citizen, she pays no gift tax, but you need to just report the gift.
It's not really something that can be argued about. It's in the bloody title of the form.
If your mother was a US citizen, SHE would owe gift tax, and you would report nothing.
But, becuse she is nota US citizen, she pays no gift tax, but you need to just report the gift.
It's not really something that can be argued about. It's in the bloody title of the form.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best