topic Re: Form 3520 in Deductions & credits

Form 3520

Maewang — Mon, 24 Feb 2025 21:52:57 GMT

My mom pasted away a couple of years ago, my husband and I both received $75,000 inheritance last year, so the total is $150,000. Does the $100,000 threshold apply to one person or a couple when filing a joint return? If it is the former, I guess we don't need to file form 3520. If it is the later, we need to file form 3520. Please advise. Thank you.

Re: Form 3520

DoninGA — Mon, 24 Feb 2025 21:59:28 GMT

The Form 3520 is per person. Since neither you or your spouse received an inheritance of more than $100,000 there is no need to file the Form 3520.

Re: Form 3520

SusanY1 — Mon, 24 Feb 2025 21:59:46 GMT

The threshhold is per individual. The exception to this is if you file a joint return and each spouse is a beneficiary of the same foreign trust. This doesn't sound like it applies in your case.

Re: Form 3520

Maewang — Mon, 24 Feb 2025 22:08:43 GMT

Thank you so much for your quick response!

Re: Form 3520

Maewang — Mon, 24 Feb 2025 22:09:44 GMT

Thank you so much for your timely response!