topic Receiving foreign gifts from multiple people in Deductions & credits

Receiving foreign gifts from multiple people

aliiiiiiceee — Mon, 14 Dec 2020 01:39:06 GMT

Hi,

If I received foreign gifts from multiple people (that in aggregate exceeded $100,000), do I need to file Form 3520? No gift individually exceeded 100,000, but in total they did.

Re: Receiving foreign gifts from multiple people

Anonymous_ — Mon, 14 Dec 2020 02:03:35 GMT

The aggregate of $100,000 refers to multiple gifts from one donor.

See https://www.irs.gov/pub/irs-irbs/irb97-25.pdf (page 30)

Re: Receiving foreign gifts from multiple people

blueskyus0 — Sun, 09 May 2021 17:08:52 GMT

@Anonymous_I read the link you posted, but still not very sure. can you please confirm if I understand correctly? -- I received $60,000 from person A, $80,000 from person B, both A and B are foreign individuals and they are not related at all. I don't need to file Form 3520. Am I correct?

Re: Receiving foreign gifts from multiple people

Anonymous_ — Sun, 09 May 2021 17:13:52 GMT

@blueskyus0

A U.S. person is required to report the receipt of gifts from a nonresident alien or foreign estate only if the aggregate amount of gifts from that nonresident alien or foreign estate exceeds $100,000 during the taxable year. Once the $100,000 threshold has been met, it is expected that Form 3520 will require the donee to separately identify each gift in excess of $5,000, but will not require the identification of the donor.

Re: Receiving foreign gifts from multiple people

blueskyus0 — Fri, 14 May 2021 15:03:47 GMT

Hi @Anonymous_ can you please directly answer my this question -- two gifts received from two unrelated nonresident alien in one year, in amount of $80k and 60K each. Is Form 3520 filling required?

Re: Receiving foreign gifts from multiple people

Anonymous_ — Fri, 14 May 2021 15:16:35 GMT

@blueskyus0 wrote:

Is Form 3520 filling required?

Re: Receiving foreign gifts from multiple people

blueskyus0 — Fri, 14 May 2021 15:20:58 GMT

thanks, much appreciated!