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?

ocjl · ‎June 6, 2019

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 · ‎June 6, 2019

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 )

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?

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