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**inadmissible** · 06-13-2015, 01:38 AM

Gifts from foreign person | Internal Revenue Service

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

If you are a U.S. person who received foreign gifts of money or other property, you may need to report these gifts on Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts. Form 3520 is an information return, not a tax return, because foreign gifts are not subject to income tax. However, there are significant penalties for failure to file Form 3520 when it is required.

No tax, no reporting.

**rayb** · 06-13-2015, 09:26 AM

It's not income and is not subject to a U.S. tax bite.

--Ray B

Originally posted by ksnooz View Post

My wife and I are going to be moving to USA soon. I'm a US citizen and my wife is Korean.
Her parents are giving us about $45,000 as a gift for getting married.
I"m trying to find out the best way to send the money while paying the least amount of tax on it.
Does anyone have any experience doing this and can help us out it'd be greatly appreciated. Thanks!

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Sending money from South Korea to USA

Sending money from South Korea to USA

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Announcement

Sending money from South Korea to USA

Sending money from South Korea to USA

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