Requirements for filing Form 3520

[jtkimelman400]

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!

[TomD8]

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

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

[jtkimelman400]

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