Hi,
I have been reading a lot of those posts related to Cash Gifts from foreign nationals to US Citizens, and it has been a great learning resource. I am definitely a lot more prepared to fill out form 3520. However, I do still have one question (which might not be relevant) regarding the source of the funds.
We are going to receive a monetary gift of >$100K from my inlaws who are not US citizens but do have bank accounts in US banks. Are there any different requirements or forms I would need to fill out, depending on where the funds are transferred from (US bank to US bank or Foreign Bank (NOT in my name) to US Bank)?
Again this might not be needed as the IRS might not care where the funds were transferred from, but better safe than sorry, as I know how severe the penalties could be for not filing correctly and in a timely manner.
Thanks in advance.
