My wife and I both inherited cash from foreign individuals (different people). I received $90k and my wife received $60k. Individually we are below the $100k reporting threshold. Do we still need to file Form 3520? Thanks.
Expert Reviewed
@RMI , agreeing with my colleague @DoninGA , that you probably do not need to file a form 3520, I just want to make sure that neither of the donors are related directly or indirectly to for purposes of threshold computation. Section 267 and 707 (b) are relevant here and generally take a very broad view of "related" person. This is especially of import =since this is not a tax event i.e. there is no tax effect in recognizing/filing a form 3520.
IMHO
pk
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