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You received a gift of $ 1 5 0 , 0 0 0 from a foreign uncle. Your tax reporting responsibility is: File Gift Tax

 

You received a gift of $150,000 from a foreign uncle. Your tax reporting responsibility is:

File Gift Tax return form 709

Report the amount of gift on form 1040 as Other Income

File Foreign Trust return form 3520

No reporting responsibilities for the gift recepient


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