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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.

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