Hi,
It is a little confusing in the instructions of form 3520. Do not know exactly if I need to file 3520.
I and my wife filed tax jointly.
In 2022, my wife received gift 95K from foreign person. (from her relative to her personal bank account)
In 2022, I received gift 70K from foreign person. (from my relative to an joint bank account)
Neither of us exceeded the required reporting amount 100K. Does the 100K limit apply to each person, even if we filed tax jointly? Also, does the joint account trigger IRS to think: the 70K is half for me, and half for my wife?
Thanks so much for any input.
