Scenario: my dad in China transferred cash (equivalent to USD 220k) into my Chinese bank account as gift in 2022, several questions:
1. Should I file form 3520 + form8938(fill part IV line15) + efile FinCEN114 for tax year 2022? Any other forms I should submit for this foreign cash gift?
2. The gift is for me only and deposited into my individual Chinese bank account, can I file 3520 individually(not check 1i box)? But I file 1040 together with my husband.
3. Because of currency control in China I can't transfer all money to my US account within 1 year, If I keep >100K cash gift in my Chinese account for tax year 2023, 2024, do I need to efile 3520, 8938, FinCEN114 again in year 2023,2024?
Thank you in advance for whoever willing to help answer the questions.
