3520

[Dimotori]

Hi, I got gifts of cash from 2 related persons in multiple tranches (8)

3 wire transfers from my sister to my name on a bank account jointly owned by me and my spouse   

3 wire transfers from my mom via wire transfers to the same joint account

2 I sent myself from oversees to the same joint account after getting cash present from my mom.

Can I just aggregate those and have only 2 persons on 3250 or should i have all 8 transactions listed in the statement.

[pk]

@Dimotori  for Form 3520, the threshold is US$100,000 aggregate from NRA person / Trust/Estate.  Thus  if the sum total of gift from your sister to you for the year is  equal or greater than the threshold, then you need to recognize/report that gift.  Ditto for  your mother. 

Transfer of funds from   foreign accounts that you own or control do not come under  3520 regs.

I am assuming that both your sister and you mother are NRA individuals.

Note that this is only informational return and  has no Tax Effect.

BTW -- if you have foreign accounts/assets  that you own, control or have signature authority, these come under  FBAR  ( Form 114 , online only, at FinCen.gov )  and/or FATCA  ( form 8938 along with your  tax return )

Does this answer your query ?   Is there more I can do for you ?

[Dimotori]

Thank you @pk 

As i mentioned all gifts came in 8 transactions from 2 different but related non US persons to their daughter/sister - a US person.  totals per grantor is higher than 100k each.

Funds for 2 of those transactions were received in cash and then I took it to the bank to send them over to US to my account jointly owned by me and my spouse. (did not have these funds in overseas account before they were gifted).

Should all these transactions go on 3250 though?  or I can just aggregate them to 2 lines and say they were received from 2 grantors only 

[pk]

@Dimotori , whether these were cash  or through bank transfer, what you are using form 3520 is to declare that  you have received gifts from foreign persons.  I would  add up the totals from  each of the two donors and report  on two lines  on form 3520.  

Does this make sense ?