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

Answer rating: 100% (QA)

The correct answer is File Gift Tax return form 709 Explanation 1 File Gift Tax return form 709 When ... View the full answer