Q: my grandparents want to send money for college from Iraq, what is the limit, taxation, and process for doing so?
A:
There's no tax obligation for you since it's a gift and no tax obligation from the grandparents because it comes from out of the country. This assumes they are not US citizens.
If they are US citizens and the amount exceeds $30,000 a gist tax return would need to be filed and there may be tax based on their lifetime exemption amount.
You do have to fill out IRS for 3520 if it's more than $100,000.
Or if they send cash and you have to deposit more that $10,000 there are forms for that as well.
Otherwise no limit and they can send it however they want.
Bruce Alexander Minnick agrees with this answer
A: Wow. Why on earth are you bogging yourself down by asking all kinds of questions that do not matter--now anyway? Advice: Just say thanks to your grandparents for helping you educate yourself.
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