what form to file for foreign gifted money from relative?

[Shogun159]

Hello everyone, 

So my grandparents just gifted us around 200k, but they weren't be able to transfer to my US bank. So I had to go back to their home country to open a bank account on my name so they can transfer it to me. After that, I transferred 200k to my US bank account.

Do I need to file any tax forms?

[pk]

@Shogun159 , am I wrong  or is this a repeat -- thought this was answered before --  you will need to file   FBAR  ( FinCen.gov on line  form 114 ),  form 8938 ( may be depending on exact facts and circumstances ) and  form 3015 recognizing the gift from an NRA  ( Non-Resident Alien ).  You receiving bank will also raise SAR ( Suspicious Activity Report ), but generally these are closed  in a short while.  No tax implications.

I am assuming here that the donor  ( person / trust/estate )  nor the country  is  sanctioned.

[Shogun159]

I couldn't find a tax named 3015 you mentioned above, do you mean 3520? 

The reason I'm asking because I received it in my foreign bank account then transfer it to my US bank account. So technically it is sent directly from my grandparents, does it still considered a gift?

[pk]

@Shogun159 , sorry for the typo -- I did mean form 3520  (   Form 3520 (Rev. December 2023) ).

The reason you have to file is because you are receiving a gift from  a foreign person/ trust etc.   It is not connected with where the  gift is sitting  and/or  that the monies were transferred from your own  foreign account  to your own domestic account.  You are just declaring where the monies came from.

 You also have to file FBAR and possibly  FATCA forms because  you have a foreign  financial account  ( that you own or have signature authority over ).

Does this help ?

Is there more I can do for you ?