Gift money from parents in Canada for down payment in USA.

[Cdntexan]

Hey,
I am a Canadian citizen and have my green card in the US. Have been here 7+ years. I originally came as a student but work here now and I am married with a child.

My parents want to sent us $35k USD from Canada to help with a down payment on a home. Home is to be finish in Jan. I was going to send it through TD to Chase. But what are the tax implications?

Also, earlier this year my parents sent us about 15k to help pay off our debts so we could prep to buy a home. Tax season is coming up and we want to make sure we are good.

Do my parents need to report it to Canada? What do I need to report to the IRS? Please advise thank you

[nelsona]

Since they are not US citizens or taxpayers, the have nothing to report in either country.
You would only need to report a gift from a foreign person (Form 3520) if it exceeds 100,000 total in the year.
None of this would be taxable in either country.