I have received over $100K the past year as gifts from my parents and friends. Here are some questions I have for filing 3520:
1. On line 56, it says that report gifts in excess of $5000. If my parent gifted me $10K on a specific date and the same parent gifted me $2K on another date, I will only need to report the first gift on line 56?
2. Do I need to report on line 56 if a non related person gifted me over $5K on a specific date?
3. Do I need to report Zelle transactions from related persons on this form? If not, do I need to report this info on another form?
I appreciate any help and advice, thank you very much!
