Hi,
My parents are non-US citizens. I am a US citizen now. They would like to give me some money. I was browsing through the US tax laws regarding receiving gifts from foreign people. This is the link:
- It seems like there is no limit to the amount that can be received. Is this correct?
- Gifts from foreign person are not subject to income tax. Is this correct?
- If the gift exceeds 100K, Form 3520 must be filed.
Is there anything else that I should be aware of or do in addition to what is specified in the link? Thanks.