topic Re: Form 3520 threshold in Get your taxes done using TurboTax

Form 3520 threshold

Hardway — Sat, 08 Mar 2025 21:11:19 GMT

Do you have to file form 3520 if you receive exact 100k? The instruction of form 3520 says you need to file if it exceeds 100k . I assume it does not include 100k exact. But I would appreciate any clarification

Re: Form 3520 threshold

MaryK4 — Sat, 08 Mar 2025 21:49:32 GMT

You have to file the 3520 if you receive more than $100,000.

Re: Form 3520 threshold

Hardway — Sat, 08 Mar 2025 23:14:42 GMT

Thank you! So if you receive exactly 100k then you don’t need to file? I ask this because I heard someone previously answered here that you have to file even if you only receive 100k. Thanks

Re: Form 3520 threshold

KeshaH — Sun, 09 Mar 2025 11:09:41 GMT

Correct, you wouldn't need to file this form if you earned exactly $100,000 or less.

Re: Form 3520 threshold

Hardway — Tue, 11 Mar 2025 15:06:14 GMT

Thank you both. I just want to make sure I understand correctly—are you referring to receiving exactly $100,000 or less? This is not foreign income; it is a gift from overseas relatives.

Re: Form 3520 threshold

DaveF1006 — Tue, 11 Mar 2025 17:11:53 GMT

Yes, if you receive a gift from an overseas relative that is worth more than $100,000, you must file form 3520. You don't need to file a 3520 if the gift is $100,000 or less.