Filing 3520 form for foreign gifts, very straight forward, stuck on the first part only:
Box A - Check appropriate boxes, initial return, final return or ammended;
In my case, i received gift from nonresident. I checked the instruction from IRS for this form. they only say for foreign trust identified.
"Initial return. If this is the initial return you are filing concerning the foreign trust identified, check the “Initial return” box."
"Final return. If no further returns for transactions with the foreign trust are required, check the “Final return” box.
Example. If you annually filed Form 3520 and completed Part II because you were the owner of the trust for U.S. income tax purposes and the trust has terminated within the tax year, that year's return would be a final return with respect to that foreign trust."
Do I need to leave these box for blank? one said I need check the initial box. Others say, to select final? Which one of the three is correct - blank, initial or final?
I would appreciate for advice from people who have completed such forms in the past or are aware of this question. Thanks in advacne.
