For gift money received from outside US from parents or siblings do i need to report that on any IRS form and also , is there a limit on amount to be reported

[DoninGA · Accepted solution]

Gifts received are not reported on tax return.

If you received a gift from a foreign person, not a US citizen or US resident, and the gift is greater than $100,000 then you need to report the gift received to the IRS on Form 3520.  The Form 3520 is Not a tax return and gift is not taxable.  The Form 3520 is an information form only.  It needs to be filed with the IRS on or before April 17, 2023 for a gift received in 2022.

TurboTax does not support IRS Form 3520.

Go to this IRS website for Form 3520 - https://www.irs.gov/forms-pubs/about-form-3520