topic forms 3520 and 709 question in Get your taxes done using TurboTax

forms 3520 and 709 question

Helen123 — Tue, 10 Feb 2026 10:07:14 GMT

Three quick questions about form 3520 and 709

1. If I transfer money to myself above 100k between two different US bank accounts or between one US bank account and one oversea bank account. Do I need to fill form 3520? I assume no need because it is within my name.

2. I assume form 3520 is only for US person. If I become non-US person (non resident alien, for example), can I directly ignore 3520 in term of money transfer threshould?

3. If I transfer money less than 167000 to my non-US citizen wife, I assume I do not need to fill in form 709, is it correct? I think money transfer belongs to present interests?

Please correct me if any of my understanding is wrong. If not, pleae tell me they are all correct.

Many thanks,

Re: forms 3520 and 709 question

Opus 17 — Thu, 11 Jan 2024 23:58:13 GMT

Moving money that you own, from one account to another that you own, is not reportable.

However, if you are a US person and you own a foreign account worth more than $10,000 at any time during the year, you must file an FBAR report. If you own a foreign account with a balance above a certain limit on the last day of the year, you must file form 8938 as well.

https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements

Form 3520 is used by US persons to report gifts from non-US persons. It would never be used for money transfers from yourself to yourself. If you are not a US person, you are not required to file this form (but you may have other gift tax requirements in your home country).

The exclusion for gifts by a US person to a non-resident alien spouse was increased to $175,000.

https://www.irs.gov/instructions/i709

Re: forms 3520 and 709 question

Helen123 — Sat, 13 Jan 2024 11:22:24 GMT

many thanks. I think you mean I do not need to file 709 as well if I do not transfer money more than 175k to my oversea spouse, right?

Re: forms 3520 and 709 question

DaveF1006 — Wed, 17 Jan 2024 14:15:53 GMT

Yes. That is correct. The 709 instructions state the annual exclusion for gifts made to non citizen spouses is $175,000. You would not file a 709 Gift Tax return if the amount is less than $175K.

@Helen123

Re: forms 3520 and 709 question

Helen123 — Tue, 23 Jan 2024 09:40:44 GMT

many thanks