DaveF1006
Expert Alumni

Get your taxes done using TurboTax

No. Line 54 is to report foreign assets and their description. Here you can describe this as a foreign Bank Account, the date of the gift and it's value.  You don't need to give details on the account such as account numbers or Bank's name.

 

You do need to list every account you received as a gift. If you have more than three accounts to report, you will need to add a separate statement to the 3520. This statement should list each account, the value, and the date of the gift.

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