It b A GIFT ; A recpient doesn't pay any gift taxes. However, if u received MORE than $100,000 from a foreign individual, in this case ur pareents in Korea, you'll need to disclose that on the form. 3520 2 the IRS REMEMBER!!! .If you fail to report the gifts, IRS can impose a penalty of 5 percent of the gift amount per month, up to a 25 percent maximum. In general, ,filing IRS form 3520 b due on the date that your income tax return is duei.e., by apr.15t(or due by ur tax return extension period)
hpe this helps,bud!!!!!!!!!