Gift Money from Overseas

[abhishek911]

Part 1: I have a quick question. Parents are overseas and are NOT American Citizens. They have an old house that they want to sell and send me money as gift (dont know exact amount but could be 70k-120k. If they send money in one go do I get charged any income tax and Do they have to pay any taxes in USA? As for their home country: they checked they do not need to pay any taxes in the home country. 

[DoninGA]

Gifts received from an individual are not reported on a tax return, regardless of the amount received.

If the giver of the gift is not a US citizen, not a US resident, not living or working in the US they do not file a Form 709 reporting the gift given.

If you receive a gift of more than $100,000 from a foreign individual then you have to report the gift received using IRS Form 3520.  That is an informational form, not a tax return and you pay no taxes on the gift received.