Non-resident gifting to resident alien tax questions
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
New Member

Non-resident gifting to resident alien tax questions

My father (non-resident alien) is thinking about giving me a rather large amount of money from his American bank account. I'm a resident alien on OPT with F1 visa. I know that I will need to file form 3520

1. Does my father need to file form 709?

We've been asking around and most accountants are saying that he doesn't need to file anything because he is a non-resident alien who has no ties to US whatsoever. Is that the case? 

2. What does form 3520 do?

Thank you!

4 Replies
New Member

Non-resident gifting to resident alien tax questions

1) There is no US filing requirement for your father as he is a nonresident and is not in the US.

2) Form 3520 is an information form only and not a tax form.  It is a separate informational return sent to the IRS and is not included with your tax return.  It is a return to report transactions with foreign trusts and receipt of certain foreign gifts.

You can download the form and instructions with the links below.  TurboTax does not support Form 3520.

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

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


New Member

Non-resident gifting to resident alien tax questions

Thank you, Karen! If the amount is less than $100,000, do I still need to file Form 3520? I have been paying taxes in the US for the past 2 years, if this information helps.
New Member

Non-resident gifting to resident alien tax questions

No, you do not need to file if you received less than $100,000.  The instructions say that you have to file if the tax year, received either: a. More than $100,000 from a nonresident alien individual or a foreign estate (including foreign persons related to that nonresident alien individual or foreign estate) that you treated as gifts or bequests; or b. More than $15,797 from foreign corporations or foreign partnerships (including foreign persons related to such foreign co
New Member

Non-resident gifting to resident alien tax questions

Thank you Karen, I have one more follow up question. Do either of us (non-resident giving gift and resident receiving gift) need to report tax if the asset is in the form of real estate?
Dynamic Ads
v
Privacy Settings