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Gift of overseas property to US citizen grandchild
Hello -
My parents who are Indian Citizens are planning to gift their personal residence property in India to my son who is a US citizen with me as the guardian (I am a US resident).
In the year that we register this property in his name, I am planning to file form 3520 to report receipt of this property in my own tax return (the FMV of the property is > 100k) identifying my son as the recipient. Am I correct in planning to file this form? Is there any other additional forms that I need to file for this?
We don't plan on renting out the property for the forseeable future. Once the above form is filed (assuming it is required), is there any ongoing filing requirement in either my own tax return or any special requirement that requires my son to file his own tax return in the US going forward as a consequence of owning this property?
Thanks in advance,