Archive for March, 2010

Did you receive a foreign gift or an inheritance?

If you received foreign gifts of money or other property, you may need to report these gifts to the IRS.
Form 3520 is an information return, not a tax return, because foreign gifts are not subject to income tax. However, there are penalties for failure to file Form 3520 when it is required.
In general, a foreign […]

What happens to my Social Security dollars once I leave the USA?

Social Security provides retirement benefits to employees; retirement and survivor benefits to spouses and, in some cases, benefits to dependents. This alert pertains to retirement benefits only.
The right to retirement benefits is earned by paying Social Security taxes on wages and self-employment income. Forty quarters of covered earnings are required to be eligible for retirement […]