My parents who live oversea transferred $68,000 to my oversea bank account. However, I do not have any access to that bank account since no online banking or debit/credit card setup. Do I still need to file with IRS on this?I hold green card and live in the US.
Please advise. Thanks!
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Yes, that is per tax year and it is total received. So if you received several gifts during the year from a nonresident alien individual that totaled over $100,000 it would have to be reported on a Form 3520.
A gift received is not reported on a tax return.
If your parents are nonresident alien individuals you do not have to report the gift to the IRS using Form 3520 since it was not over $100,000.
Thank you for the reply. Would that $100,000 limit be per year?
Yes, that is per tax year and it is total received. So if you received several gifts during the year from a nonresident alien individual that totaled over $100,000 it would have to be reported on a Form 3520.
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