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)