Is there any form we have to submit while filing taxes, to declare any monetary gifts received via wire transfer from non US citizens?

[varun-joe]

We are US residents for tax purposes. The gifts senders are direct family members.

[DoninGA · Accepted solution]

If the gift is from a foreign person and the amount of the gift is over $100,000 then you are required to report the gift to the IRS using IRS Form 3520 - https://www.irs.gov/forms-pubs/about-form-3520

[pk · Accepted solution]

@varun-joe ,  assuming the recipient is US person ( citizen/ GreenCard / Resident for Tax purposes ),  and if the amount received  in a year is equal or greater than US$100,000 you need to file a form 3520.

See here -->  About Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain For...

There is  NO TAX CONSEQUENCE.

Also note that the  receiving bank will raise  a SAR  ( Suspicious Activity Report ) as a matter of course but usually these  are closed internally.  For large amounts  ( in the range of Millions, see US Treasury pubs. on the subject and may  even require permission ).

Is there more I can do for you ?

Namaste Varun ji