Follow up - Form 3520 has mixed purposes:
1) to report transactions with foreign trust
2) to report receiving foreign gift in excess of $100K
I have to report 8938 as I worked abroad before and opened a salary account. This year I also have to report 3520 because I received a gift from foreign relative exceeding $100K.
My understanding is that in TT's interview question "Foreign Financial Assets Already Reported" when generating for 8938, I should put 0 for form 3520, and thus I can still e-file. I also should uncheck the 3520 Item C, since I'm only reporting a received gift on 3520, and not a "excepted specified foreign financial assets".
Is my understanding correct?
@SusanY1
