You can receive an unlimited amount of money from a foreign country; however, you may need to report it to the IRS.
According to IRS regulations, there's no limit to how much money you can receive from a foreign country. However, if the total amount you receive from a single nonresident alien or foreign estate exceeds $100,000 during a tax year, you must report it to the IRS. This is just a reporting requirement; no taxes are due on the gift itself.
Here's a breakdown:
- No Limit on Amount: You can receive any amount of money from a foreign country.
- Reporting Requirement: If you receive more than $100,000 from a nonresident alien or foreign estate in a single tax year, you must report it to the IRS.
- No Taxes on Gift: You will not be taxed on the gift itself, just the reporting requirement if it exceeds the threshold.
For example, if a relative living abroad sends you $150,000 as a gift, you need to report this to the IRS when you file your taxes. If they send you $90,000, you don't. This reporting is informational and helps the IRS track large foreign transactions.
