Do I need to file form 3520?

[delphier]

I'm preparing the 2025 joint tax return for my family. I got totally $98K gift money from my parents and my spouse got $49K gift money from his parent as well. Our parents are all foreign citizens and the money was from their foreign bank accounts. Do we need to file form 3520? Thanks.

[Bsch4477 · Accepted solution]

Each of you is below the $100,000 exemption amount so no form 3520 is required.