GeoffreyG
New Member

Deductions & credits

Given your circumstances it appears that you only need to file one single Form 3520 (husband).  If the total foreign gift received for the other person (wife) does not exceed the $100,000 threshold, then a separate Form 3250 would not absolutely be required.  Thus, you could leave the box for item 1i "unchecked" on the informational section of Form 3520 Page 1.  Please see the attached screen-capture image for a graphical illustration; simply click the image to open.

This answer (and conclusion) is drawn in large measure on the work done for another AnswerXchange member, who asked about Form 3520 and multiple family members receiving foreign gifts.  The same reasoning (and advice) used there to provide an answer is applicable to you as well -- the only difference being that you are a married couple, and the family members in the other question were unmarried (but related).

As such, I believe that you would benefit from reading that discussion, as more (relevant) information on this subject is provided there.  Here is the link:

https://ttlc.intuit.com/questions/3686604-form-3520-limit-is-100k-per-house-hold-or-per-person


Thank you for asking this question.