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According to instructions for the 3520, you do not need to file a 3520 unless you receive more than $100,000 from a non-resident individual or a foreign estate. However there are other reporting requirements.

Now that are now the proud owner of new bank accounts you need to do the following.

1. There is a FBAR reporting that requires you to report all foreign accounts that exceed $10,000 during a tax year. If this is you, you have this requirement. Turbo Tax does not handled this type of reporting but you can go directly to this website and report this.
2. There is also what is called a FATCA reporting requirement that is handled by Turbo Tax.  This is required if your foreign accounts exceed $50,000 during the year. Here is how to access.

• Open or continue your return if you're not already in it
• Search by using the magnifying glass in the top right corner of your return
• Type  8938 and select the Jump to link at the top of the search results
• On the Foreign Financial Assets screen, select Yes, I have foreign financial assets
• Answer yes or no to living in a foreign country, and select Continue.
• Answer yes or no to amount of foreign financial assets, and select Continue
• Carefully follow the instructions. If you need Form 8938, we'll fill it out for you

You do not need to report the value of your furniture since you do not need to report the gift on a 3520. Also, if you have FBAR and FATCA filing requirements, you would only need to report the value of your foreign accounts in 2022.

Next year, depending on the amounts of the gifts, you may have a 3520 filing requirement if the value received in 2023  are over the threshold amounts previously listed. There may be a FBAR and FATCA filing requirement if the value of your accounts are over the threshold amounts for FBAR and FATCA requirements listed above.  

Let us know if this helps.