The form 3520 is due the same day as your tax return is due, including any extensions you may have filed for. So the normal due date is April 15th following the year in which you received the money.
Filing this form is not a red flag for an audit. In fact filing the form is really more of a protection for you. That way if you ever were to be audited, you would have a clear record of reporting where this money came from.
Gifts are never taxable to you, no matter how much you receive. You owe no taxes and you do not need to have any paperwork from your friend, although having a statement from him as additional support will most certainly give you additional documentation to support that this was a gift.
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Thank you rami
You are certainly free to fly overseas and bring the money back to this country. It does not have to be wire transferred to you.
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