DaveF1006
Expert Alumni

Get your taxes done using TurboTax

The IRS states in the opening paragraph in this publication, that if you are a U.S. person (other than an organization described in section 501(c) and exempt from tax under section 501(a)) who received large gifts or bequests from a foreign person, you may need to complete Part IV of Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign G..., and file the form by the 15th day of the fourth month following the end of your income tax year (generally, April 15th for individuals), subject to any extension of time to file that may apply". 

 

According to this IRS link, unless you are a citizen or resident of the US in 2018, you are a non-US person thus the gift does not need to be reported. 

 

You should prepare an amended return for 2018 since you did file as a resident and  shouldn't have. By filing as a resident in 2018, the 3520 should have been reported and could face scrutiny from the IRS at a later date. 

 

I advise you seek the counsel of a tax professional and rely on their advice for the 2018 tax year because there are caveats within this issue that may cause issues. I would suggest when you amend your return, you include a detailed statement with the return on:

  • why you are amending
  • and that you do not have a 3520 filing responsibility for that year because you were a non-US person.

Keep in mind, in general: F and J student visa holders are considered non-resident aliens during their first five calendar years in the U.S so be sure you met the requirement in 2018.

 

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