Gifted Money and Property in an overseas account

[otandrew]

Hi last year before I became a green card holder (in May), my father gifted me about 60k cash deposit in my overseas account (Taiwan), then I used this money and bought a small property in Taiwan.

In July I became a green card holder. So my question is, do I still need to report my gifted money and property when filing my 2017 tax report?

Thank you very much!

[viktoriyab11]

No, you don't have to report the gift on your tax return. 

Reporting Requirements for Gifts from Foreign Person: 
"You must file Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts, if, during the current tax year, you treat the receipt of money or other property above certain amounts as a foreign gift or bequest.  Include on Form 3520: Gifts or bequests valued at more than $100,000 from a nonresident alien individual or foreign estate (including foreign persons related to that nonresident alien individual or foreign estate)". https://www.irs.gov/businesses/gifts-from-foreign-person

However, If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly to the Department of Treasury by electronically filing a Financial Crimes Enforcement NetworkReport of Foreign Bank and Financial Accounts (FBAR) https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-a...

United States persons are required to file an FBAR if:

1. the United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; 
2. the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported.

If the property you purchased is a rental property, you must report income from all sources within and outside of the U.S.

Tips for U.S. Taxpayers with Foreign Income https://www.irs.gov/newsroom/tips-for-us-taxpayers-with-foreign-income