topic Gift money partial return in Get your taxes done using TurboTax

Gift money partial return

Leonkun007 — Mon, 22 Feb 2021 02:00:33 GMT

I received a gift money from overseas relative over 100K for a house down payment.

Later, I founded out I had extra money .

The question is if I can return money back .

After returning, the remaining gift number is below 100K. Can I not report the gift money since it is lower than 100K?

Re: Gift money partial return

npierson7 — Mon, 22 Feb 2021 02:15:07 GMT

If you return the money back it won't change the reporting requirements for you. You'll need to complete and mail-in Form 3520 to the IRS.

TurboTax does not support IRS Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts. That is a separate IRS form to be filed separately from your tax return.

About Form 3520

Re: Gift money partial return

Leonkun007 — Wed, 24 Feb 2021 17:32:11 GMT

Thank you for clarification.