If my parents give me money (from their foreign bank account), do I have to report/fill tax for it?

[LuxLight1]

Hello, I hope you can help me with this situation. I’m on a working visa and,I am currently living in the US and paying tax as an US resident. My parents just migrated to the US. They still have bank account in our home country. I want to purchase a house and my parents want to give me some money for down payment, around $100,000. If they transfer the money from the foreign bank account to my US bank account, do I have to pay tax or report them to the IRS? Do they need to do anything?

Also, my dad transferred around $107,000 from my parents foreign bank account to my mom’s US bank account when they moved to the US early this year. Do they need to report or fill tax on it? 

Thank you for helping!

[macuser_22]

Gifts are not reportable on a tax return, but if over $100,000 then form 3520 must be filed.

[LuxLight1]

Thank you so much for your response @macuser_22 !

My parents have green cards but if they send me the money from their foreign bank account, do it still count as foreign gift and I need to fill out  form 3520?

[macuser_22]

Yes if it comes from a foreign source.   If they live in the US now they could get their own money and then give it to you but then THEY must file a form 709 gift tax return for any gift over $15,000.

There is no actual tax but it reduces their lifetime $5.4Million exemption and there is a penalty for failing to file the 709.