Requirements for filing Form 3520

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!

245

Level 15

Dec 11, 2023 1:15:44 PM

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

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

New Member

Dec 11, 2023 1:19:22 PM

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

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Requirements for filing Form 3520