If I (US citizen) am receiving a cash gift from a non US resident/citizen, the transfer is made in foreign bank account to my foreign bank account. Then I use that amount as downpayment on a house, sent directly from my foreign bank account to the escrow company. Is there any tax complications?? Do I need to file anything w/ the IRS? such as the form 3520??
Any caveats??
Thanks in advance

If you are a US citizen and you are receiving a cash gift from a non US resident/citizen and the amount is more than $100,000, then you must report the receipt of the gift on Form 3520, regardless of where the cash is subsequently transferred.

In the U.S. there is no tax on the gifts received. However, since the money is coming from foreign source, the IRS wants to make sure that it is a gift so you need to file Form 3520.
Read Your U.S. Tax Return: The U.S. Gift Tax (http://taxipay.blogspot.com/2008/03/us-gift-tax.html)

Thank you both of you for chiming in.