Foreign cash gift into a foreign bank account

[PAccisano]

My wife and I are recently married and are filing our first joint return. She is a Taiwanese citizen here on a H1B visa, currently working through the green card process but already a US person for tax purposes (she has a social security number). Her parents, living in Taiwan, have given her a cash gift of about $100k, deposited into her Taiwanese bank account. Can you tell me the correct way to report this through TurboTax?

[pk · Accepted solution]

@PAccisano 

(a) there are no tax  requirements ( not a tax event)

(b) Three reporting requirements:     

    1.  FBAR  (with a threshold of US$10,000 on the last day of the tax year) --- file form 114   --on-line only --  at   www.FinCen.gov -- this will redirect to BSA-e-file' -- file by 4-15  

    2.  FATCA form 8938 -- along with your  return  ---  covers the  bank account   where she has signature authority or owns, threshold depends on her filing status and her residency;

     3.   Form 3520 recognizing the  "gift from a Foreign Person/ entity" by a US person -- threshold for reporting is US$100,000 -- TubroTax does n opt support this form and reporting the number  of such forms ( 1 in your case ) will stop you from e-filing.   You have download the form 3520--a fillable pdf -- and fill and send to the address shown on the form/ instructions.

Is there more I can do for you?

[PAccisano]

Thanks for this detailed answer!!