Im living in the USA and plan to receive a money transfer of over 100k from my parents overseas. Do I have to report transaction and will I owe taxes on money and if so how much,

There won't be tax on the money from overseas, but on large amounts your bank may want to know where it came from, which is understandable.

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You will need to file Form 3520 to report the transfer.

The receiver of gift does not pay any taxes even when the gift is from foreign sources. If the gift from foreign sources exceed $100,000 you must file Form 3520.