do i need to file form 3520 if the gift received is less than $100,000 from a foreign person?
No. If the amount received as a gift from a foreign individual is less than $100,000, the Form 3520 is not required.
4. You are a U.S. person who, during the current tax
year, received either:
a. 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; or
b. More than $15,601 from foreign corporations or
foreign partnerships (including foreign persons related to
such foreign corporations or foreign partnerships) that you
treated as gifts.
