How A US Citizen Reports gifts from a foreign person and distributions from a foreign trust

How A US Citizen Reports gifts from a foreign person and distributions from a foreign trust

Generally gifts received from a foreign person that do not include any US assets are not taxable in the US. Also, distributions from a foreign non grantor trust that do no contain US assets would generally not be taxable either. See the above links for more references.

In either case, Form 3520 needs to be filed to report the receipt of gifts from foreign persons as well as distributions from foreign trusts.
Contact us with more detailed questions we are happy to help.

https://www.irs.gov/businesses/gifts-...
https://www.thetaxadviser.com/issues/...
https://www.irs.gov/pub/irs-pdf/f3520...

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