ocjl
New Member

I received money gift from parents (US citizen) overseas. They filed form 709 for the money they sent. Do I have to report this in my tax return? Which form do I use?

I received a 1099-INT from the money I received so I know I have to file that but since they're US citizens, does the $200,000 they sent still have to be reported because it was from an overseas account? Everything I read online only mentions Non-US citizens gifting money to US citizens/residents so I have no idea if that rule applies to my situation as well.

pk
Level 12
Level 12

Get your taxes done using TurboTax

there is no requirement for you to file form 3520 ( since your parents  already  have reported ). However, if the  money rests  in a foreign bank  in account where you have  signature authority at least, you may have to report the accounts  for FBAR ( Treasury for  114 ) and/or FATCA ( IRS form 8938 )