https://ttlc.intuit.com/community/taxes/discussion/re-should-i-also-file-3520/01/3533946#M1307223 <P>No, you do not need to file a Form 3520 since you did not receive a gift of over $100,000 from a foreign person.</P> <P>The gift reporting requirement is per person.</P> Mon, 03 Mar 2025 12:00:56 GMT DoninGA 2025-03-03T12:00:56Z https://ttlc.intuit.com/community/taxes/discussion/should-i-also-file-3520/01/3533831#M1307188 <P>We both received gift of 75K each in foreign accounts from parents residing outside of the US.&nbsp;</P><P>We completed 8938 along with tax return (i.e. Provided detailed information regarding bank accounts).&nbsp;</P><P>&nbsp;</P><P>As a couple we are crossing limit of 100k in gifts, so thinking of filing 3520 form as well. &nbsp;This is being done as a extra caution</P><P>Is there any harm in providing redundant information in these two forms? Also, we didn't mention that we plan to file 3520 in original tax return, do we need to amend?</P><P><BR />TIA!</P> Mon, 03 Mar 2025 06:39:34 GMT https://ttlc.intuit.com/community/taxes/discussion/should-i-also-file-3520/01/3533831#M1307188 ImmigrantUser 2025-03-03T06:39:34Z https://ttlc.intuit.com/community/taxes/discussion/re-should-i-also-file-3520/01/3533946#M1307223 <P>No, you do not need to file a Form 3520 since you did not receive a gift of over $100,000 from a foreign person.</P> <P>The gift reporting requirement is per person.</P> Mon, 03 Mar 2025 12:00:56 GMT https://ttlc.intuit.com/community/taxes/discussion/re-should-i-also-file-3520/01/3533946#M1307223 DoninGA 2025-03-03T12:00:56Z