• Try Forefield Advisor

  • Calendar

    November 2008
    S M T W T F S
    « Oct   Dec »
     1
    2345678
    9101112131415
    16171819202122
    23242526272829
    30  
  • Categories

  • Archives

  • www.forefield.com

Did you know…?

Did you know that if you receive a gift from a foreign source, you may have to report it to the IRS? It’s true. Generally, gifts or bequests (in the form of money or property) received from a foreign person or estate that are valued (in the aggregate per year) at more than $100,000 are reportable, as are gifts in excess of $14,139 (in 2009; up from $13,561 in 2008) from a foreign trust, corporation, or partnership. Recipients of such gifts must file Form 3520 with the IRS on or before the due date of the recipient’s income tax return (including extensions). Failure to do so may subject the recipient to a penalty of 5% of the value of the gift for each month the gift goes unreported (not to exceed a total of 25% of the gift). Excluded from this rule are gifts made directly to a school for tuition or to a health-care provider for medical expenses.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: