Should we file Form 3520

Dear TurboTax Community:

 

My wife received $60,000 cash gifts from her parents living overseas and I received $100,000 cash gifts from my parents living overseas in 2025. Money was wired to our individual checking accounts. Are we required to file Form 3520 for our 2025 joint tax return?

 

Any expert advice is greatly appreciated! Thank you all in advance for your help and patience!