Send money to US - limit and tax implications

[acer14]

I live in the US with my spouse (both US persons) while my family (non-US persons) lives overseas. My family wants to gift me money to buy a house. My research leads me to these points below:
1) My family can send me up to $100K per year.
2) If my family sends me more than $100K a year then I will have to file form 3520 to the IRS.
3) If my dad sends me $100K and my mom sends me $100K, that’s still considered one source (so a $200K gift).
4) I do not owe taxes on this money unless I earn interest.

Do I understand this right?

Would the gift tax apply here? I also read that your parents can gift you $17K a year without being taxed, and a $100K gift would lead to a 30% gift tax (ouch).

TIA!!!

 

[tyler112]

@acer14 Yep. Gift tax applies to the donor; there is no tax on the recipient. If your parents are NRA, no US gift tax on them. They may have gift tax in their country of tax residence. You only file 3250, and it's just informational, doesn't impact your taxes.

 

[snowcritterusa]

@tyler112 I’m also looking into something like this. 50k from France to US, but this would be one time.
I don’t think they are NRA, any ideas on how I would go about this and implications?

 

[snowcritterusa]

@acer14 Did you end up going through with this? Also, did you use wise, or any other way to transfer the money?