Insights

A gift or inheritance from family abroad may be a welcome surprise. It can also raise a question that is easy to miss during tax season: Does the gift need to be reported to the IRS? For U.S. recipients, the answer depends on who gave the gift, how much you received during the year, and whether the transfer was truly a gift. When Does a Foreign Gift Need to Be Reported? If you are a U.S. person, you may need to file Form 3520 when gifts or bequests from foreign sources exceed