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
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Form 3520 maybe needed to report foreign gifts.
https://www.irs.gov/forms-pubs/about-form-3520
Form 3520 maybe needed to report foreign gifts.
https://www.irs.gov/forms-pubs/about-form-3520
here is IRS link: https://www.irs.gov/businesses/gifts-from-foreign-person
I was curious so I did a quick search... 1 million Russian rubles equals $13,561.16 in US dollars... Check it out for yourself...
If it is actually $1,000,000.00 in US Dollar currency then that would be equivalent to 73,740,000.00 in Russian rubles...
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..
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