My parents from Taiwan (non-resident alien) gave $95,000 to me and $95,000 to my husband individually in 2013 as gift. We total received $190,000. They wired the funds directly from their accounts in Taiwan to our bank account in the U.S.. We filed income tax return jointly in the previous years.
My understanding is that form 3520 is required if an individual receives more than $100,000 per year. My husband and I are two people.
Do we need to fill out Form 3520 if each of us receives no more than $100,000 per year as gift from foreign person?