@DoninGA wrote:
@Oliver84 wrote:
Thanks v much DoninGA. Understood about 3520 requirement. My confusion is about US tax implication on my the gift giver (my father) - i.e. no tax if originating account is foreign, but tax assessed if originating account is US. There is some language about taxes if the gift is US Situs - but I wasn't sure if cash in US bank account is considered US Situs.
The foreign person, you father, is giving you a cash gift. If he is a non-resident, non-citizen of the US, he is not required to report the cash gift given on an IRS Form 709.
The receiver of a gift does not report the gift received on a tax return, regardless of the amount received.
A personal bank account not connected with a business or a brokerage is not an in situs asset.
https://www.irs.gov/individuals/international-taxpayers/some-nonresidents-with-us-assets-must-file-e...
