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Gift from parent to my oversea account

My parents who live oversea transferred $68,000 to my oversea bank account. However, I do not have any access to that bank account since no online banking or debit/credit card setup. Do I still need to file with IRS on this?I hold green card and live in the US.

 

Please advise. Thanks!

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Gift from parent to my oversea account

Yes, that is per tax year and it is total received.  So if you received several gifts during the year from a nonresident alien individual that totaled over $100,000 it would have to be reported on a Form 3520.

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Gift from parent to my oversea account

A gift received is not reported on a tax return.

If your parents are nonresident alien individuals you do not have to report the gift to the IRS using Form 3520 since it was not over $100,000.

Gift from parent to my oversea account

Thank you for the reply. Would that $100,000 limit be per year?

Gift from parent to my oversea account

Yes, that is per tax year and it is total received.  So if you received several gifts during the year from a nonresident alien individual that totaled over $100,000 it would have to be reported on a Form 3520.

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