I received 75,000 from my mother and 45,000 from a very close friend in the same tax year(total is more than 100,000). Both of them are nonresident aliens and they are not in any way related. The funds are gifts for me to purchase a house and were transferred from foreign banks. My question is:
Do I need to file Form 3520?
Any help will be greatly appreciated ?
This question belongs under the Tax category.
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Yours is not an immigration law question.
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2 lawyers agree
This is not an immigration question and I'll try to repost it under the taxation law category, if this hasn't yet been done.
This advice does not form an attorney-client relationship and is merely informative. It should not by itself be relied upon to address a legal concern.