Do I have to pay taxes on a $100k check gift from my parents?

My parents are giving me a $100K check as a gift. Do I have to pay taxes on this?

posted

No, you won't pay tax on this. You won't report it on your tax returns or other documents, either, unless your parents are nonresident aliens.

If that's the case, then you report the information on Form 3520. There is no tax due for filing Form 3520- it is for information only.

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