topic Re: FORM 3520 in Get your taxes done using TurboTax

FORM 3520

ZHENGFEIPENG99 — Tue, 07 Sep 2021 17:11:53 GMT

MY SON AND I ARE BOTH GREEN CARD HOLDERS IN THE USA. FOR THE YEAR 2021, I RECEIVED MORE THAN $100,000 WIRING FROM ABOAD FROM MY SPOUSE WHO HAS NO US IMMIGRATION STATUS. THE MONEY WAS FOR MY LIVING EXPENSES AND OUR SON'S TUITION IN THE USA. DO I NEED TO REPORT IT USING FORM FORM 3520?

Re: FORM 3520

DoninGA — Tue, 07 Sep 2021 17:28:08 GMT

Yes, you have to report the gift received from a nonresident foreign individual to the IRS using IRS Form 3520 since the gift was more than $100,000.

IRS Form 3520 - https://www.irs.gov/forms-pubs/about-form-3520

Re: FORM 3520

ZHENGFEIPENG99 — Tue, 07 Sep 2021 18:47:41 GMT

IS MONEY FROM MY SPOUSE CONSIDERED TO BE A GIFE ?

Re: FORM 3520

macuser_22 — Tue, 07 Sep 2021 19:06:36 GMT

@ZHENGFEIPENG99 wrote:

IS MONEY FROM MY SPOUSE CONSIDERED TO BE A GIFE ?

Yes, it is a gift, but gifts between spouses are not subject to gift tax. That has nothing to do with form 5320 which applies to any foreign transfer of funds over the limit whether a spouse or not.

The purpose of the form is to track large sums of foreign money entering the US.