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Good morning. No, the gift is a gift and is thus not considered income. Therefore, it need not be reported on your income tax return
nor is it taxable as income. There will be no tax or penalty. And, there will be no tax on you as the recipient of such a gift. The only reporting
requirement you may have is if the amount of the gift is in excess of $100,000. Since it is coming from a foreign
bank, you would need to file Form 3520
with the IRS
to report the receipt of such amount; but, there would be no tax.
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