I am a green card holder and I have a question regarding a foreign gift that my parents want to give my husband and I.
As far I understand when receiving foreign gifts one needs to file form 3520, and if the gift exceeds $100 000 or if the total gift amount received annually exceeds $100 000 the gift is taxable.
My question is: If we receive the gift and keep the amount in our foreign bank account in Europe, do we need to report the gift to the IRS? Will we need to file form 3520 in this scenario? The amount has already been taxed in the foreign country.
Grateful for any insight on this.
