Anonymous
Not applicable

Deductions & credits

Hi,

Just to share what I learn about form 3520 regarding foreigner gifts and bequests.

IRS has different definition of green card holders for reporting f3520 and filing tax.

It will take some study of IRS regulations to understand them. In general, f3520 is required for foreign gifts and bequests when the value is greater than $100,000. Fail to file will have significant penalties. It makes this matter a very high priority to comply with IRS laws.