If this a gift from your father and Not a loan you do not report the gift on a US tax return.
However, if the gift is from a foreign individual and is more than $100,000 then you have to report the gift received to the IRS using Form 3520. The form is not included with your federal tax return but must be filed with the IRS on or before the due date of the federal return. Form 3520 can only be printed and mailed.
TurboTax does not support Form 3520.
Go to this IRS website for Form 3520 - https://www.irs.gov/forms-pubs/about-form-3520
Thank you. It is a gift. But one more clarification. My dad is a green card holder while I am a citizen. Will he get taxed on this gift if he send it to me?
@shkumar100 wrote:
Thank you. It is a gift. But one more clarification. My dad is a green card holder while I am a citizen. Will he get taxed on this gift if he send it to me?
No, he will not be taxed if the total of all gifts ever given by him is not more than $12 million dollars. However he must file a Form 709 with the IRS since he is a US resident. The Form 709 is used to report the gift given to the IRS.
IRS Form 709 - https://www.irs.gov/forms-pubs/about-form-709
So, since he is a US resident you do NOT report the gift received on your tax return AND you do not have to file a Form 3520 for the gift received.