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Level 2
December 11, 2023
Question

Requirements for filing Form 3520

  • December 11, 2023
  • 2 replies
  • 21 views

Hi!

I am trying to understand if I need to file a Form 3520 for a real estate gift which has a basis of $40,000 and an FMV of $250,000.  I understand it is only necessary to file From 3520 if receiving over $100,000 (or that worth).  Is that $100,000 determined by the basis or FMV? 

Thank you for any help with this!

    2 replies

    Alumni - Champ
    December 11, 2023

    It's the value on the date of the gift.

    https://www.law.cornell.edu/uscode/text/26/2512

    **Answers are correct to the best of my ability but do not constitute tax or legal advice.
    Level 2
    December 11, 2023

    Thank you very much!  And thanks for including the reference source.