Reporting gifts from foreign family members

I am resident of the United States and expecting to receive a gift from my mother, who is not resident of the United States, from overseas. The gift is 70000$ and my mother wire the money to my US bank account.
I know, then a gift receiver doesn?t pay taxes and since the amount I am getting is less then 100000$, I don?t have to file Form 3520.
Will a gift letter signed by my mother be sufficient as a document proving, that it?s a gift?
Has the gift letter need to be signed by a notary?
Best regards, Alex.

(Asked 09/08/08, Views 73)

There is no requirement for a gift letter, hence there is no need that a gift letter be notarized. Because you MAY be called upon later to support that it is a gift (or may not), it would not hurt to have on hand something at that time similar to a gift letter from your mother, as you may not be able to get it at a later time. However, that is optional with you.

(Posted 09/08/08)

Yes, you are correct that the recipient of a gift does not pay Federal income tax on that gift.

(Posted 09/08/08)