KurtL1
Expert Alumni

Deductions & credits

The Form 3520 is required to be filed by a U.S. person. A U.S. Person is:

  • A citizen or resident alien of the United States (see Pub. 519, U.S. Tax Guide for Aliens, for guidance on determining resident alien status),
  • A domestic partnership, • A domestic corporation,
  • Any estate (other than a foreign estate, within the meaning of section 7701(a)(31)(A)), and
  • Any domestic trust (defined earlier).

You are required to file Form if you received more than $100,000 from a nonresident alien individual or a foreign estate (including foreign persons related to that nonresident alien individual or foreign estate) that you treated as gifts or bequests.

 

If the funds are transferred into a joint account, then it is subject to the $100,00 limitation. You would file a joint Form 3520.  If you and your spouse are filing a joint Form 3520, please check the box on line 1i on page 1.

 

If the Trust is a domestic trust, and the amount exceeds $100,000 the trust would be required to file the Form 3520.

 

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