Gift from foreign person: US Situs or not?

[Oliver84]

Hello - my father wants to send me a gift.  He is not a US citizen, not a US resident, has not visited the US in some time.  He is not a US Person.  I understand there is a reporting requirement (Form 3250) if the gift exceeds $100k in value.  However, I am not clear if there is a difference whether my father sends the funds from a US bank account (personal bank account) vs. from a foreign domiciled account.  In either case the money will come into my US bank account.  Can you please explain if there is a difference based on where the originating account is.  Thanks!  [father is not resident here, but opened an account when visiting, and it remains open]

[DoninGA]

The gift is from a foreign person regardless if the gift is from a foreign account or a US account.  You are still obligated to file a Form 3520 if the gift received is over $100,000.

[Oliver84]

Thanks v much DoninGA.  Understood about 3520 requirement.  My confusion is about US tax implication on my the gift giver (my father) - i.e. no tax if originating account is foreign, but tax assessed if originating account is US.  There is some language about taxes if the gift is US Situs - but I wasn't sure if cash in US bank account is considered US Situs.

[DoninGA]

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@Oliver84 wrote:

Thanks v much DoninGA.  Understood about 3520 requirement.  My confusion is about US tax implication on my the gift giver (my father) - i.e. no tax if originating account is foreign, but tax assessed if originating account is US.  There is some language about taxes if the gift is US Situs - but I wasn't sure if cash in US bank account is considered US Situs.

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The foreign person, your father, is giving you a cash gift.  If he is a non-resident, non-citizen of the US, he is not required to report the cash gift given on an IRS Form 709.

The receiver of a gift does not report the gift received on a tax return, regardless of the amount received.

[Opus 17]

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@DoninGA wrote:

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@Oliver84 wrote:

Thanks v much DoninGA.  Understood about 3520 requirement.  My confusion is about US tax implication on my the gift giver (my father) - i.e. no tax if originating account is foreign, but tax assessed if originating account is US.  There is some language about taxes if the gift is US Situs - but I wasn't sure if cash in US bank account is considered US Situs.

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The foreign person, you father, is giving you a cash gift.  If he is a non-resident, non-citizen of the US, he is not required to report the cash gift given on an IRS Form 709.

The receiver of a gift does not report the gift received on a tax return, regardless of the amount received.

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A personal bank account not connected with a business or a brokerage is not an in situs asset.

https://www.irs.gov/individuals/international-taxpayers/some-nonresidents-with-us-assets-must-file-e...