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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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