Question for form 3520 after i filed 1040 with 0 form of 3520

[Peter Guan]

Hi teams

Recently I met one issue about the form 3520.  I already filed the 1040 with 0 form 3520 with EFILE, but just now I realized I have to file form 3520 due to gift from non US residence. .  So I am trying to file 1040 X to tell IRS that I just need to change the form number 3520, but I can’t find any field at 1040 X to tell IRS  about it.

Question 1:

 Do you know any field at 1040 X can tell this ?

Question 2:

I plan to just file the 3520 alone without 1040 X, is it OK?

Question 3:

if all of the gift money is from my foreign band account, i just use my father/relatives annual dollar ammount to transfer it, so i  transfer the money from my foreign band account then they transfer dollar from their account to my United state account. do i need to file 3520?

Question 4:

i took those gift as the downpay of my house loan,  and lender take it as gift when applying the loan.

Appreciate   if you can answer the Q1 and Q2.  Question 3 and Question 4 is opt.

Thanks.

[RobertB4444]

Yes, just file a 3520 by itself.  File it with only the amount that was not on the original 3520 that you filed.  Just the new gift that you received.  You do have to report it because it is a gift from a foreign source.  You do not have to report how you spent it - that is nobody's business but yours.

[Peter Guan]

sorry, i miss one big point, i also filed 8939, and said 0 form of 3520, is it OK?

[RobertB4444]

If your 3520 was zero you shouldn't have filed it at all.  File a new one with the amount that you received from your relatives.

Not sure what the point to form 8939 was - you wanted to increase the basis on what property and for what reason?

[Peter Guan]

Thanks.

I mean i file dthe 8939 due to foreign bank interest, but at that form, i said 0 3520, so is it a problem for my tax return report in my case as i need report  foreign gift?

as from 8939 instruction , i saw below: my understanding is that  only if i report part III, i need give the exact number of  3520 forms at 8939 form.

You do not have to report any asset on Form 8938 if you report it on one or more of the following forms that you timely file with the IRS for the same tax year.

• Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts (in the case of a specified person who is a beneficiary of a foreign trust, see Part III of Form 3520 and its instructions).

[FangxiaL]

If you are required to file Form 3520, file it as soon as you can. That's more important than fixing an error in TurboTax entries. Failing to file a required Form 3520 exposes you to a potential $10,000 penalty per violation.

@Peter Guan

[Peter Guan]

Thanks, i already filed the 3520. but do i need file 1040 X to correct the number of forms of 3520 at form 8938?

thanks. 

[Peter Guan]

HI Robert

 i ididn't get very clear about this.   i mean i have 0 3520 forms claimed at 8938, but actually i need file 3520, and i already filed the 3520 at deadline. is there any problem here for my tax return report?

thanks.