Hi, I have a question about incoming international transfer from South Korea to the U.S. My brother(non U.S citizen) in korea will be sending me(U.S citizen) $40,000~$100,000 through paypal. Here are my questions: 1. Is sending that amount work with paypal? I understand single transaction with paypal must be under $10,000, but from what I read, there is no limit. 2. What is the rate as of now? 3. If foreign money is gifted and that amount happened to exceed $100,000, I have to report Form 3520 to IRS. Does it apply to paypal transaction as well? Thank you.
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