OK so i ve read that a gift from a foreign country resident exceeds 100k, then i must file 3520 form. So ok, lets say that i recieved 200k from my friend or something, then i file that form, and then what??? meaning is it going to be taxable? will irs take some of that? or its just a simple "letting you know that i got money as a gift" kind of thing?

everywhere i've read just says that i have to file that form, but does not say what next.

OK so i ve read that a gift from a foreign country resident exceeds 100k, then i must file 3520 form. ========>>Correct;f3520 is just a n info return.

So ok, lets say that i recieved 200k from my friend or something, then i file that form, and then what??? =>That is it; as a recipient of the gift, you do not pay tax at all UNLESS you do not fil form 3520.

meaning is it going to be taxable? ===>>>>>>>.No

will irs take some of that?====>>>>>>>>>No as asid above

or its just a simple "letting you know that i got money as a gift" kind of thing? =====>.Correct just to inform them you got the gift money fromoverseas. Thsat is it.

Thank you very much for the straight answer!

and if gift from foreign person (dad) is less than $100K/yr, then NO filing requirements and NO taxes due?
For example,. my dad owns house in US (hold in Revocable trust), he wants to transfer it to our family.. ,say, a latter each year: "Dear Son, I transfer to you and your beautiful wife each 10% of the house value (which is less than $75K to each person)"

--- so no obligation to IRS?

NoUNLESS hte cumulative amt of the gift(s) of your dad is $5.43M for 2015; however, your dad NEEDS to fiel form 709 as the amt of the gift of $75K exceeds $14K, annual gift tax exclusion amt.

he is non resident alien (foreigner). Is it still 5.4M exclusion? I think NO...

2) If he files form 709... does he owe the taxes to US gov? If he does not pay, they come after me?