Hi,
I've recently received a $100000 wire transfer from my uncle who is not a US citizen. When I saw the transfer I got in touch with an accounting firm to get some advice on what to do (specifically regarding the IRS). After a week and a half, the accountant we had met told us that we need to file form 709 regarding that transaction and that he'll try to figure out at what rate that transaction is taxed but that he's busy right now with the april 15th deadline approaching (which I totally get).
So, being a bit impatient, I decided to check out reddit and I'm finding different info, mainly that gifts from a foreign person aren't taxable and that all you need to fill out is form 3520
Is the info from the accountant I met reliable?
Submitted March 12, 2019 at 01:13PM by pfthrowaway981 https://ift.tt/2VWktap
