No, you do not need to pay tax on the money you received from your mom.
You may need to complete Form 3520 or report this if the following apply:
- You are the responsible party for reporting a reportable event that occurred during the current tax year, or you are a U.S. person who transferred property (including cash) to a related foreign trust (or a person related to the trust) in exchange for an obligation or you hold a qualified obligation from that trust that is currently outstanding.
- You are a U.S. person who, during the current tax year, is treated as the owner of any part of the assets of a foreign trust under the rules of sections 671 through 679
- Your aggregate gifts were more than $100,000
Edited 3/11/2022 @ 8:32AM PST @AlyssaO
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