Hello,
I am a US Citizen, married to a non US Citizen, I have a dual Citizenship and currently living out of the US, My father in low gave as about $120,000 as a gift to buy a home, the money stayed in my foreign account for a few days until it was transferred to the contractor (it's a new house). I had filed the FBAR and my question is if I will I have to pay taxes on this gift money as well, also, do I have to report this gift on my income tax return? My father in low is not a US Citizen.
Any help will be appreciated.
Tnx

No, gifts from non-resident aliens are NOT subject to U.S. gift taxes, even if the recipient is a U.S. citizen.