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Deductions & credits
A small addendum to SU Carl's reply above -- whereas there is no taxation on gifts , there is a requirement to report gifts received from a foreign person / trust by a US taxpayer only when the threshold of $100,000 is reached or breached. This is done on form 3520 and I believe TurboTax supportts it. No taxation by the USA. Also note that if the amount is held in any foreign account with yourself as a signatory or owner , you may have to file the FBAR and FATCA forms
Good Luck
‎June 4, 2019
6:43 PM