Hi, DaveF1006,
I will file the Form 3520 on 2020 tax return due to I have receive $100000 as gift from my father ( donor) individual. It is not from any trust. He is a foreign person outside of US. Those money have wired to my bank on US directly from my father account (out of US) .He doesn't deposit cash to my foreign bank account (outside of US).
Form 3520, Item C instruction from IRS
"Item C—Excepted Specified Foreign Financial Assets Reported
Check the box in item C only if the Form 3520 filer also files Form 8938, Statement of Specified Foreign Financial Assets, for the tax year and includes this form in the total number of Forms 3520 reported on line 1 of Part IV, Excepted Specified Foreign Financial Assets, of Form 8938. For more information, see the Instructions for Form 8938, generally, and in particular, Duplicative reporting and the specific instructions for Part IV." I will report the gift for Part IV of Form 3520. I still filed Form 8938 for my foreign bank account past 4 years due to the amount over $10000.
Depending on this, I DO NOT CHECEK the Box, Is it right ? will I leave the Blank ?
Could you give me an answer ?
