Client is a resident alien, (green card still pending) who has an Social Security number. Her father is a Russian citizen who lives in Russia. Her father wants to gift her approximately a million dollars (Russian Currency) Does she have any federal requirements (tax or reporting) upon receiving these funds?
She is married to a US citizen
Solved! Go to Solution.
I'm not sure about Russia right now but I believe some countries do and some countries do not especially during times of financial recession, I.E. they try to keep the wealth within the country... Russia may have restrictions since in the past many wealthy Russians left and went to places like Cyprus where they deposited their money..