Received $30000 as gift from my parents overseas. Do I need to take any action?

[yb7488]

Hi,

I've received $30,000 from my parent who lives in Korea as a gift. Do I need to take any action in order to avoid any penalty from IRS later? From example 3520?

Thank you, 

[DoninGA · Accepted solution]

Since the gift received from a foreign individual is not over $100,000 you do not have to report the gift on an IRS Form 3520.

Gifts received from individuals are not reported on a tax return, regardless of the amount received.