topic Do I need to file 3520? in Deductions & credits

Do I need to file 3520?

vrk — Fri, 26 Jul 2019 22:57:15 GMT

We have received a gift from a non-resident family member on our joint account. The transaction was within the US, from US bank to US bank. The amount is around $170,000. Do we need to file it in form 3520 and can it be done in TurboTax?

I know the threshold is $100,000 for a single person, but what about the joint account?

Re: Do I need to file 3520?

Critter — Sat, 27 Jul 2019 13:11:01 GMT

If you, as a US person, receive a gift of more than $100,000 from a foreign person, you are required to submit a Form 3520 to the IRS. Form 3520 is an informational form only and is not part of the Turbotax program.

IRS Form 3520 - http://www.irs.gov/pub/irs-pdf/f3520.pdf

IRS Form 3520 instructions - http://www.irs.gov/pub/irs-pdf/i3520.pdf

http://www.irs.gov/Businesses/Gifts-from-Foreign-Person

Re: Do I need to file 3520?

vrk — Sat, 27 Jul 2019 16:00:14 GMT

Thanks, but what about the joint bank account?