Recent content by kennedy9

very many thanks....

In conclusion, bringing notarized letters from my parents confirming the gifts and produce those to IRS if I am investigated, will it be enough (I am sorry for asking again, I am bit nervous)?

Thank you so much!

In your opinion, once the IRS comes after me, whether IRS will be satisfied with the evidences (affidavits) I am going to get from my parents in Philippines and cousin in the US, and submit to IRS and explain? In your opinion, any thing else I need to do to convince the IRS.

Taxing Matters: could you provide your feedback also?

Thanks adjusterjack. not2cleverRed; I was sharing house with my friends, now I got married and needs a house for my family. I want to see my parents’ love every day in the new house which will be brought using the money and love of my parents: that’s why I did not spend that money despite all...

Now, prior to depositing that cash in bank (or soon after depositing in bank), bringing notarized letter from my parents in Philippines, confirming those gifts they gave me (or sent via my cousin); and notarized letter from my cousin (who lives in the US itself), confirming bringing those gifts...

How it is a customs issue , as the amount that is brought each time is below 10,000 threshold which does not need any reporting from my side? Once it is deposited in bank, and IRS comes after me, it will be a tax issue as IRS comes with suspicion that I did not pay tax on that "earned income"...

I do agree that it might be a foolish thing but unfortunately, now, we cannot turn back time. I am and was in very difficult;t financial difficult situations therefore my parents sold their belongings in Philippines and arranged that money. Still I am living with very low income. Wish to buy a...

As per US rules, if I bring more than US$10,000 into US during a single trip, I need to report to US and complete the forms. https://help.cbp.gov/s/article/Article-195?language=en_US However, in no single trip to US, I brought more than US$10,000. My parents gave each of that gifts as cash (in...

I never deposited any of that cash in any bank: I kept that cash as cash only, and stored in my house.

What is the name of your state? South Carolina This forum is a wonderful resource and hope to get an advice for my situation. I live in South Carolina, migrated from Philippines. Visited Philippines 5 times during last 10 years. Each time, my parents gave me US$10,000 cash gift. Another two...