Shall I report this to IRS? gift money from foreigners

[danilol]

I received $95000 from my parents ( they are foreigners, non -usa residense,non -usa citizen) into my joint account with my daughter.( my daughter and I  are both USA citizen) , then I moved it to my soly owned bank account in the calender year 2022.

Shall I report that as gift to IRS?

I know the threshold is $100000, will this $95000 be too close to that threshold and it is better for me to report to avoid any trouble?

How about I say half of the money from my mother and half of the money from my father, then I should not worry to report it or not?

[KrisD15 · Accepted solution]

No.

The requirement for filing Form 3520 is 100,000. 

Since the gift was 95,000 you would not file Form 3520.

No, if the total amount received as a gift in the tax year is under 100,000 you will not get into trouble for not reporting. 

There is no reason to try to report it since it is under the reporting requirement amount.  

IRS Link 

[danilol]

Thank you. Your answer makes me feel better.

Just make sure my understanding about tax year is correct.

Tax year 2022 means 01/01/2022-12/31/2022.   If all the wire transfer of the gift money happened during that time and the total amount is under $100000. 

I do not have to report. Right?

Thanks

[AbrahamT]

That is absolutely correct.  See HERE. Section 4.

[danilol]

Can anybody tell me shall this gift money be reported in income tax return? form 1040?

Thanks

[PattiF]

No, gifts are not reported. As long as you are under the limit, which you are, there is nothing to be added to your tax return at all.

@danilol 

[danilol]

get it. Thank you.