I received a gift from my foreign father that was < $5000. My wife received gift(s) from her foreign parent that exceeded the limit and hence needs to report under form 3520. The money gifted to my wife was wire transferred into our "joint" bank account. As background, we are filing a joint income tax return.
A few Qs:
1. Do we need to file a form 3520 jointly? or just under her name as her mother gifted her the money? This is relevant as line 1i) in the form asks for it. Pls note < $5000 amount gifted by my father to me.
2. What does one chose for line A - initial or final return in the form? This is the first time filing form 3520 and I assume it will be final as I don't intend to file another one for tax year 2022.
3a. Can I file income tax return electronically and mail form 3520? Does it cause any issues with reconciling form 3520 with one's income tax return?
3b. Or does one need to file income tax and form 3520 manually and mail together as a package?
4. If 3a is the way to go, does form 3520 have to be filed immediately once taxes are e-filed?
5. Are there any attachments (like copy of one's form 1040 (filed electronically) or other requirements), that one has to attach & mail "together" with form 3520 when mailing it? For us, only section IV of the form is applicable and it's a list of gifts that we have to fill in and provide.
Thanks for your help.
