My grandma lives in Hong Kong, and she is planning give me USD 100,000
as gifts of money.  The money will be sent by electronic transfer.  I
am now buying a house and I need the money for down payment.  Do I
need to file the return?  Will I be charged with gift tax?  There is
no limit of how much money can be transfered into the U.S., is that
right?  Do I need to show evidence for the gifts of money?  Thank you.

Hello and thank you for your question.

Gifts are tax-free to the recipient, but if foreign gifts are more
than $100,000 they must be reported to the IRS on Part IV of IRS Form
3520
http://www.irs.gov/pub/irs-pdf/f3520.pdf

So the $100,000 gift puts you just under the threshhold, if that's the
only foreign gift that you are receiving.

See the instructions for the special rules that aggregate gifts to you
from multiple family members
(Page 9-10 of the instructions)
http://www.irs.gov/pub/irs-pdf/i3520.pdf

Search terms used:
6039f 3520 site:irs.gov

Thanks again for bringing us your question.

Sincerely,
Google Answers Researcher
Richard-ga

Does she need an additional Grandson?  :-)  

A gift is a gift and you do not pay any tax on a gift.(in the US). 
She may have some tax liability if she is a US citizen. (consult a tax
attorney)  Don't know what Hong Kong law says.

A seperate issue is that the Underwriter for the Home loan may want a
statement from her.(probably a letter) Stating that this money is a
gift.  Also some lenders may not look favorably on such a large gift
for a down payment for a home unless you have a substantial financial
stake in the home.  Why?  This sounds silly, but I believe their
reasoning is this:  "The lender wants to see the lendee (you) have a
personal substantial financial stake in the home so that you won't
walk away from the loan."  I know you would have at least $100,000 in
the home, but the lender may not consider that money as yours because
it was a gift.  Perhaps the logic seems stupid, but check with your
lender; the situation may depend upon what percentage you put down for
the house.  If it is over 20% of the value of the house then they may
not care as much.  In your case that would mean the house is selling
for $500,000.