Hello,
I have a question regarding form 3520. In year 2023 I received gift from my foreign relatives and the total amount is $150K. The money was wired directly to my own bank account. In year 2023 my husband also received $35K from his foreign relative and the money went to his own bank account but then he transferred $35K to our joint bank account. My husband and I file jointly tax return 2023.
Here are my questions:
1. For the $150K portion, I'm the only beneficiary. But for the $35K portion, I think both my husband and I are beneficiary as the money went to our joint bank account. In this situation, should I file 3520 separately and report $150K gift, or should I file 3520 jointly and report $185K gift, or should I file 3520 separately with $150K, and file another 3520 jointly with my husband with $35K?
2. How to fill line 1a, d, i according to answers of question 1?
Thank you!
