My 4-year-old son & I are US persons. If I receive $99,000 & my son receive $99,000 as a foreign gift from my parents through my bank account. Do I need to report to IRS?

[Critter-3]

Gifts received in ANY amount are not income so they are NOT reported on an income tax return.

If your parents are not US citizens or residents of the US, there are no US tax implications for them.

If you, as a US person, receive a gift of more than $100,000 from a foreign person, you are required to submit a Form 3520 to the IRS.  Form 3520 is an informational form only.  You do not report a gift received on your personal tax return, regardless of the amount received.

IRS Form 3520 - http://www.irs.gov/pub/irs-pdf/f3520.pdf

IRS Form 3520 instructions - http://www.irs.gov/pub/irs-pdf/i3520.pdf

http://www.irs.gov/Businesses/Gifts-from-Foreign-Person

[DoninGA]

Gifts received are not reported on a tax return.

If you receive a gift from a foreign person, not a US citizen or a US resident, and the gift is $100,000 or less you do not report the gift received to the IRS.

If the gift received from the foreign person is greater than $100,000 then you report the gift received to the IRS using IRS Form 3520.  The form is Not a tax return and no taxes are due on the gift.  The form is informational only to report the gift received.

[trandung90]

If I receive the foreign gift on my behalf of my 4-year-old son (so the total amount of my gift and my son’s gift, which I will receive in my bank account, is $198,000), do I need to file the form 3520 in this case? 

[Vanessa A]

Yes, if you receive a foreign gift of $198,000 in your bank account, even if $99,000 is for your son, since it is in your account, you will need to file form 3520.