topic Re: Question about form 3520 in Deductions & credits

Question about form 3520

zhuyan70 — Thu, 06 Jun 2019 09:41:13 GMT

If someone receives gift from a foreign person and needs to fill out form 3520. on page 1, do you only need to fill out information on 1. 2a to 4f seems to be n/a. correct? do you need to fill out donor's name somewhere, if it's an individual.

The answer to your question is that you don't actually ne...

GeoffreyG — Thu, 06 Jun 2019 09:41:15 GMT

The answer to your question is that you don't actually need to disclose the name(s) of the foreign person(s) making the gift in excess of $100,000 (which triggers the requirement to file Form 3520 in the first instance).

However, you certainly can do so if you wish, by entering their name in the description of the gift itself, in Section IV, Item 54(b), on Page 6 of Form 3520. For example, you could report something there like "John Lee, grandfather, gave gift of $$$ in US Dollars."

For more information on Form 3520, a discussion of it, and how to file this with the IRS, please refer the following AnswerXchange post:

https://ttlc.intuit.com/questions/3686254-i-need-to-file-form-3520-this-year-can-i-still-use-turbotax-this-year-if-i-can-how-could-i-file-form-3520

Speaking strictly of Form 3520 being used to disclose a foreign gift (Form 3520 has other purposes as well), you would want to fill out only the sections indicated by Yellow Highlighter, as found in the screen-capture images attached to the text, directly beneath this answer; simply click the pictures to open. Essentially, you are (mostly) right about what you need to fill out here, as you write in your original question.

Thank you for asking about this important subject.

Your answer is so helpful, I have question on item 54a, i...

qlet — Thu, 06 Jun 2019 09:41:16 GMT

Your answer is so helpful, I have question on item 54a, is that possible to combine the date when I received the gift by wire transfer? Example 05/18/17 and 05/21/17> Thank you .

Helpful for my situation. I received gift money from my p...

akirax — Thu, 06 Jun 2019 09:41:18 GMT

Helpful for my situation. I received gift money from my parents overseas and the answer made it clear on what to fill out. I was under the impression I needed to fill as much as I could in the entire form, checking all the Yes and No's, etc.

Re: The answer to your question is that you don't actually ne...

sidbee — Wed, 13 Nov 2019 14:01:41 GMT

I dont see the image ( with the highlighted txt of the form) , Can you pls share it.

Re: The answer to your question is that you don't actually ne...

sidbee — Thu, 27 Feb 2020 15:53:52 GMT

i cant see the image also .. Can you pls share it again ?

Re: The answer to your question is that you don't actually ne...

VolvoGirl — Thu, 27 Feb 2020 15:58:00 GMT

This is a new forum layout. Some posts that have June 2019 dates are really older posts from the old forum that got moved over. So they might be for prior years and not current info. When they migrated over the dates got changed to June 2019. And the screen shots got deleted.

Re: The answer to your question is that you don't actually ne...

Lily0830110 — Thu, 05 Mar 2020 22:04:28 GMT

Hi, sorry to bother at this moment. For form 3520 line 54 (b) description of property received do I have to specify who I received from and what his or her relationship with me? Or can I just write cash instead? Thank you for your time.

Re: The answer to your question is that you don't actually ne...

KurtL1 — Sat, 07 Mar 2020 03:37:34 GMT

On line 54(b) you only have to give a description of the property received. You do not need to specify who you received it from.

Re: The answer to your question is that you don't actually ne...

Lily0830110 — Sat, 07 Mar 2020 03:54:03 GMT

Thank you so much 👍

Re: The answer to your question is that you don't actually ne...

sidbee — Thu, 14 May 2020 17:14:37 GMT

For a 1 time gift from my Mother in 2019 , Turbox tax deluxe doesn't have this form , so have to fill manually.

1. What do i select for Item A . Check appropriate boxes:Initial return Initial return (extension filed)Final return Amended return . This is a gift for 2019. I am filing this form for the first time , and my mom or dad may give me a gift again in future.

2.Me and My wife file our taxes jointly , But this was gift to me . Do i still tick 1i ?

If it was a gift to both of us , where do i put her name?

3. Do i need to fill my Spouse SSN in 1d?

Appreciate your help.

Re: The answer to your question is that you don't actually ne...

hp100 — Sat, 19 Dec 2020 01:39:31 GMT

Just your name, SSN. 1i blank. Still you are filing MFJ 1040. I think.

Are you able to e-file 1040, and separately print filing 3520?

Form 3520 question for Item A

rao_j — Sat, 13 Feb 2021 15:41:10 GMT

Could you tell me which option box I need to check for first page of Form 3520 , A Check appropriate boxes, initial return, final return. due to my father (foreign individual ) gave me $200K as gift. I checked the instruction from IRS for this form. they only say for foreign trust identified.
"Initial return. If this is the initial return you are filing concerning the foreign trust identified, check the “Initial return” box."
Do I need to leave these box for blank? one said I need check the initial box. Is it right ?

Re: Form 3520 question for Item A

hp100 — Sat, 13 Feb 2021 18:43:44 GMT

If you received from your father, I think it is "final". In my case, I checked in "final".

Re: Form 3520 question for Item A

rao_j — Sat, 13 Feb 2021 18:47:42 GMT

Thanks first!

I don't think it is right. Depend on the instruction from IRS, It said for foreign trust.

"Final return. If no further returns for transactions with the foreign trust are required, check the “Final return” box.
Example. If you annually filed Form 3520 and completed Part II because you were the owner of the trust for U.S. income tax purposes and the trust has terminated within the tax year, that year's return would be a final return with respect to that foreign trust."

Re: Question about form 3520

Robocop2020 — Tue, 09 Mar 2021 09:25:19 GMT

Hi,

did you ever get an answer whether initial or final to select /or just leave it blank on 3520 for the gift? I am in same situation. Please let me knkw

Re: Question about form 3520

rao_j — Tue, 09 Mar 2021 14:11:16 GMT

I can't get any answer from anyone. Did you ask some tax prepare ? if you get it , please let me know how to do it. some one said initial and some one said final.

Re: Question about form 3520

Robocop2020 — Tue, 09 Mar 2021 17:39:35 GMT

I got the response, it should be left blank as you initially suggested. Refer to this:

https://ttlc.intuit.com/community/taxes/discussion/re-3520-box-a/01/2051825/highlight/false#M738988

Re: Question about form 3520

rao_j — Tue, 09 Mar 2021 17:53:26 GMT

Thank you so much let me know this.

Re: The answer to your question is that you don't actually ne...

Willie20 — Fri, 12 Mar 2021 21:51:34 GMT

Just wondering, can you please let me know as how do I report multiple gift transactions on Line 54 a.b.c.

As there is space to report only 3 transactions on the form.

I need to report & provide details of 8 transactions for the total $175K.

Any advice would be deeply appreciated.