Foreign money sent to U S - Spidell

Foreign money sent to U S

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Message Board Foreign money sent to U S

  • This topic has 1 reply, 2 voices, and was last updated 2 weeks ago by Mark Bole.
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    • #265830
      Stephen Stover
      Participant

      A retired taxpayer and his wife live in the U.S. They have no income except Social Security.Wife is ill and taxpayer is running out of money due to doctors bills food expenses etc.they have two family members consisting of two sister. Each sister is starting to wire from China $10,000.00 dollars each per year to support the brother taxpayer. The account they are wiring the money to belongs to the taxpayers daughter. Question: Is there any problem with Federal or State taxable income. Daughter pays bills of parents, medical expenses etc. from the wired money and is concerned about the amount of gift from the two Sisters.

    • #265845
      Mark Bole
      Participant

      Check instructions for Form 3520 “Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts”  to see if it applies.

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