FORM 3520 Filing Jointly

Forum|Forum|5 years ago
February 28, 2021
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Both my husband and I received foreign gifts from our parents for more than $100k. Do we file one Form 3520 and check the box 1i for filing jointly? Do both of us need to sign on this form?

Thank you!

ToddL99

Level 13

File one Form 3520 and check box 1i for filing jointly.

There is only one signature block for the on Form 3520, so only one signature is required. Both taxpayers, however, need to provide their identifying information on the form (Names in block 1a, and TINs in blocks 1b and 1d).

From Instructions for Form 3520 (2020): If you and your spouse are filing a joint income tax return for tax year 2020, and you are both transferors, grantors, or beneficiaries of the same foreign trust, then you may file a joint Form 3520. If you and your spouse are filing a joint Form 3520, check the box on line 1i on page 1.

Confused-tax-payer

Level 2

Thanks @ToddL99 for your response. The instructions you posted mention "...beneficiaries of the same foreign trust". Since the original poster's question was for money received from their parents and not a foreign trust, does it mean they can not file 3520 jointly?

ToddL99

Level 13

File a joint Form 3520 to report the receipt of a gift.

Many of the instructions for Form 3520 make reference to "trusts", but the form is also used to report "Gifts or Bequests Received During the Current Tax Year From Foreign Persons".

In the absence of a separate set of instructions for Joint Filers reporting a gift, the instructions previously posted apply to a Form 3520 that reports a large gift.