Yes, in reporting this gift:
- This does need to be reported in page one, part 111 in form 3520.
- It does need to be reported on an FBAR report since the money amount exceeds $10,000.
- You are required to file form 8938 since the amount exceeds $150,000.
- You are not required to declare your gift as income.
- The interest is taxable and you may not deduct as a purchase.
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