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Form 3520 or Form709
Form 3520
Hi, I have similar questions:
I am a US citizen. In year 2023, I received two cash gifts from my parents. Each of them sent me $45, and $35k respectively. Total of $80k which is less than $100k.
1) Do I still need to file Form 3520?
2) My parents are US permanent residents (green cards holders). Are they considered “foreigners “ categorized in Form 3520?
3) What about Form 709? Do they need to file Form 709?
Thank you so much.
Shanoon
April 9, 2024
2:15 PM