I am facing the same situation where my non-US parents want to send me $350K. 

Will that gift be subject to any taxes? Or do I have to report it just for reporting sake? 

@kenley-law  You don't owe any taxes.  Your parents would owe taxes if they were US citizens but since they're not there's no issue for them either (at least not in the US).  You are only filing form 3520 in order to inform the government what kind of money is coming into the country.

Thanks!

Hello @RobertB4444  - One quick follow-up on your response. Would a US person receiving a cash gift from a foreign person still need to file Form 3520 if the cash gift was made from the foreign person to the US person's bank account outside of the US? Thanks in advance.

Yes, a US person would declare a cash gift from a foreign person even if that money is received in a foreign account.  Form 3520 reports gifts in a calendar year that exceed $100,000.  Gifts under this amount do not require a report.  As indicated above, no tax is due when this form is filed as it is an information filing only.

@Polaris23