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International gifts: 'no harm' doesn't mean 'no foul'
December 02, 2008
International tax reporting is not a "no harm, no foul" game. The tax law has severe penalties for failing to file the proper reports, even when no tax is otherwise due. The rules for reporting cross-border gifts are a good example.
If you receive a gift or bequest of over $100,000 from a nonresident alien individual, you must file Form 3520 to report it. You also have to report gifts from foreign corporations of partnerships in excess of $13,258. If you fail to file the form, you can be penalized up to 25% of the gift - even if no tax is due on the gift itself.
A new IRS release summarizes these rules.
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