Do I have to report the gift/transaction in my US tax?
If you make any transaction over $10,000, you must report it to the Internal Revenue System (IRS)whether you are making a single transaction or a combination of transactions. Fill the Form 3520, which is just an informational form.
Trying to evade the IRS by consistently making a series of transactions less than $10,000 “structurally” can be considered “felony”.
Note: The information presented here is generic and may not be accurate. Please consult your CPA, tax expert or tax attorney for specific tax advice and inquiries.Visit IRS Website for US tax information.
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Money Transfer FAQ's
