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IRS. IRC Sec. 6039F requires that such gifts be reported on Form 3520, if it is received from overseas. http://www.irs.gov/pub/irs-pdf/f3520.pdf (gifts of 100,000 or more)
This is a change in the law that also requires gifts from foreign individuals of as little as 10,000 dollars to be reported to the IRS on the same form.
As long as this gift was received form a foreign indivual it is supposed to be reported.
The penalty for not reporting is: (from the U.S. treasur site) such United States person shall pay (upon notice and demand by the Secretary and in the same manner as tax) an amount equal to 5 percent of the amount of such foreign gift for each month for which the failure continues (not to exceed 25 percent of such amount in the aggregate).
The reporting of the gift is for security reasons not tax purposes, realted to money laundering and homeland security.
That is correct. As long as you meet the reporting requirement, you pay no taxes on it.