My parents overseas sent me $150,000 as a gift. Do I need to report this to the IRS on Form 3520?
I'm a U.S. citizen and my parents who live in India sent me $150,000 as a gift to help with a house down payment. I know gifts are generally not taxable to the recipient in the U.S., but a colleague mentioned I might need to file some kind of report with the IRS for large foreign gifts. Is this true? Would I owe any tax on this? The money came in two wire transfers of $75,000 each about a month apart.
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