@zzz2 , having read through your post and agreeing with @Anonymous_ 's response, the only questions are :
1. What if the donor is a foreign person ? In such a case there is no requirement for foreign person to report the "gifting" transaction to the USA authorities at all.
2. What if the source of the gifting by the donor is US i.e. the assets ( stocks bonds, crypto or other non-immovable asset is from US sources/ connected )? Even then there is no requirement for NRA to report the gifting because gifting amount above the yearly free limit affects the donor's lifetime free estate limit. However, it would be prudent to keep track of the disposition of all the US sourced / connected assets -- because any gains are taxable to the USA.
3. Does the donee ( the beneficiary of the gift ) if a US person have any reporting requirements ? There is reporting requirement at a threshold of US$100,000 or above using form 3520 along with your yearly return. There is no taxation. However, the basis of the gift to the donor is the same as that of the donee and any gain/ loss at disposal must be recognized. The holding period also transfers i.e. all the characteristics of the asset transfer from the donor to the donee.
4. Note also that while the donor ( a foreign person ) had no requirements under FBAR and FATCA regs, the donee ( a US person ) is fully under the FBAR and FATCA requirements/rules.
5. A cautionary note -- a US donee cannot legally receive gifts or have transactions with foreign persons/ entities/ countries/ regimes sanctioned by USA directly or indirectly.
Does this answer your query? Have I missed something ?
pk
@Anonymous_
