You don't report gifts received. If someone gives more than $15,000 to any one person, the giver might have to file a gift tax return form 709 to deduct the gift off their lifetime 5.43 million dollar exclusion but there won't be any taxes due.
I see! I am a bit hesitant however, because I read that if I were to deposit any amount over 10k to my bank, they would report the deposit to the IRS. Would I have to take any action?
Banks have to report deposits of cash over $10,000. But they're not reporting it as income. They're just letting the IRS know that someone was handling a large amount of cash. The IRS knows that most such deposits are legitimate. If the gift you received was a check, not cash, the bank will not report it.
In any case, there is no way for you to report a gift that you received on your tax return. The IRS does not want you to report it. You do not pay income tax on a gift.