Foreign gift and taxes

[kman9]

My uncle who lives in a foreign country  would like send $150000 as a gift.  He is not a US citizen or a green card holder. My research shows that I have to file IRS form 3520.  Would I have to pay taxes on this money?

[DoninGA]

No, gifts received from an individual are not reported as income on a tax return, regardless of the amount received.

However, you must report the gift received from a foreign individual on IRS Form 3520.  The form is an informational form only and not a tax form.