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:
https://www.irs.gov/businesses/gifts-from-foreign-person
Question:
1. It seems like there is no limit to the amount that can be received. Is this correct?
2. Gifts from foreign person are not subject to income tax. Is this correct?
3. 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.
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