KrisD15
Expert Alumni

Get your taxes done using TurboTax

No.

The requirement for filing Form 3520 is 100,000. 

 

Since the gift was 95,000 you would not file Form 3520.

 

No, if the total amount received as a gift in the tax year is under 100,000 you will not get into trouble for not reporting. 

There is no reason to try to report it since it is under the reporting requirement amount.  

 

IRS Link 

 

 

 

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