I work in the USA on a visa. My parents gifted me 99.97k in 2021. When I look online, I get the impression that I don't have to do anything since the limit seems to be 100k when the gift is given by a foreign individual (my father).

Do I have it right? Any cause for worry?


There's no limit, and there's no tax. However, if you get gifts or inheritances from non-US persons valued at $100K or more in total during the tax year, there's a reporting requirement (form 3520). The penalties for non-compliance are pretty high, and you're pretty close to that bar, so I'd suggest to file it just in case.

  • I got these in 2021, the form that I would fill just in case would be due April 15 2022? Dec 27 '21 at 1:45
  • 1
    @GappyHilmore that's right
    – littleadv
    Dec 27 '21 at 2:32
  • "file it just in case" -- that makes me think, what a waste. They were so careful to come in under $100k and it didn't end up saving OP any work.
    – nanoman
    Dec 27 '21 at 15:11
  • @nanoman lesson learned: don't let the tail wag the dog. It's just a form, don't build your financials around reporting requirements. If you end up doing that repeatedly the government may actually start looking at you funny because they'd be interested to know why you're avoiding reporting so hard.
    – littleadv
    Dec 27 '21 at 22:20
  • @GappyHilmore+ nit: Apr 15 2022 is Saturday, and 17 is a DC holiday, so for this year the filing date is moved to Apr 18. Dec 29 '21 at 0:29

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