Do I as a US citizen, need to pay any taxes on stocks gifted by my parents? All the stocks are international. How it will be handled on the tax return?

devang-marvania — Tue, 24 Feb 2026 07:28:42 GMT

The stocks were purchased from their after-tax income. Do I owe any tax while inheriting them or just need to pay capital gain tax when I sell it? Do my parents have any tax liability while gifting it? Do I need to report these offshore assets on my tax return?

Re: Do I as a US citizen, need to pay any taxes on stocks gifted by my parents? All the stocks are international. How it will be handled on the tax return?

DoninGA — Mon, 04 Sep 2023 16:16:21 GMT

Gifts received are not reported on a tax return.

If your parents are foreign individuals, not US Citizens or US residents, they would not have an IRS reporting requirement of the gift given.

If the amount of the gift is over $100,000 in value then you are required to report the gift received from a foreign person on IRS Form 3520 to inform the IRS of the gift received, The Form 3520 is not included with a tax return and is mailed separately to the IRS. TurboTax does not support IRS Form 3520.

Go to this IRS website for Form 3520 - https://www.irs.gov/forms-pubs/about-form-3520

Depending on the value of the stocks received as a gift you may have to report the value of the stocks held in a foreign account on your tax return using Form 8938 or report the account to the USA Treasury (FinCEN Form 114) or both.

Go to this IRS website for reporting requirements and Comparison of Form 8938 and FBAR - https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements

topic Do I as a US citizen, need to pay any taxes on stocks gifted by my parents? All the stocks are international. How it will be handled on the tax return? in Get your taxes done using TurboTax

Do I as a US citizen, need to pay any taxes on stocks gifted by my parents? All the stocks are international. How it will be handled on the tax return?

Re: Do I as a US citizen, need to pay any taxes on stocks gifted by my parents? All the stocks are international. How it will be handled on the tax return?