My parents is helping me to purchase a new home, and they wanted to wire me money internationally.
The total amount is about $300k.
They are not a citizen of the USA and I am in USA on work visa and from tax perspective is resident alien.
What do i need to do for this process? Paying taxes, reporting gift income?
Gifts received are not reported on a tax return, regardless of the amount received.
Since the gift received is from a foreign person and the amount received is over $100,000 you will have to report the amount received to the IRS using Form 3520. This is an informational form only and not a tax return.
Go to this IRS website for the Form 3520 - https://www.irs.gov/forms-pubs/about-form-3520