IRS Foreign Income Form
April 30th, 2008
Question: When does IRS investigate on individual tax?
If one has file 1040 income return tax form in the past 8 or 9 years, but the income is only around like 16k for the pass 3 to 5 years, and last year 26k. Now, this person wants to buy a condo and he’s going to get money as gift from friends and relatives on foreign country that adds up to approximately 150k, would he be in trouble? Is there anything wrong with it?
Answer: If the foreign gifts are more than $100,000, you must file IRS form 3520.
If you have a foreign bank account with more than $10,000, you must file form TDF 90-22.1
As for trouble, you just produce the same gift letters you gave the bank.
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Tags: 2006, form, irs, irs form 3520, irs income tax, swiss bank accounts, tax, tax evasion, taxes,, ubs banking