Receiving foreign gifts from multiple people

Forum|Forum|5 years ago
December 14, 2020
6 replies
53 views

Hi,

If I received foreign gifts from multiple people (that in aggregate exceeded $100,000), do I need to file Form 3520? No gift individually exceeded 100,000, but in total they did.

Best answer by Anonymous_

The aggregate of $100,000 refers to multiple gifts from one donor.

See https://www.irs.gov/pub/irs-irbs/irb97-25.pdf (page 30)

Anonymous_Answer

Level 15

The aggregate of $100,000 refers to multiple gifts from one donor.

See https://www.irs.gov/pub/irs-irbs/irb97-25.pdf (page 30)

blueskyus0

Level 3

@Anonymous_I read the link you posted, but still not very sure. can you please confirm if I understand correctly? -- I received $60,000 from person A, $80,000 from person B, both A and B are foreign individuals and they are not related at all. I don't need to file Form 3520. Am I correct?

Anonymous_

Level 15

@blueskyus0

A U.S. person is required to report the receipt of gifts from a nonresident alien or foreign estate only if the aggregate amount of gifts from that nonresident alien or foreign estate exceeds $100,000 during the taxable year. Once the $100,000 threshold has been met, it is expected that Form 3520 will require the donee to separately identify each gift in excess of $5,000, but will not require the identification of the donor.