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Get the free Are money from overseas subject to gift tax? : r/JapanFinance

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SPONSORED McLeod I/ We will sponsor Heidi McLeod through a regular monthly gift of R............................................. Name:....................................................................................................................................................
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Are money from overseas refers to the requirement for U.S. citizens and residents to report certain foreign financial accounts and assets to the IRS.
Individuals who have foreign financial accounts with an aggregate value exceeding $10,000 at any time during the calendar year are required to file.
To fill out are money from overseas, you must complete Form 8938 and include it with your annual tax return, reporting your foreign financial assets accordingly.
The purpose is to ensure that U.S. taxpayers report their foreign financial accounts and assets for tax compliance and to prevent tax evasion.
Information reported includes the types of foreign accounts, their maximum values during the year, the name and address of the financial institution, and identification numbers.
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