Do I need to file 3520?

We have received a gift from a non-resident family member on our joint account. The transaction was within the US, from US bank to US bank. The amount is around $170,000. Do we need to file it in form 3520 and can it be done in TurboTax?

I know the threshold is $100,000 for a single person, but what about the joint account?

1232

Level 15

Jul 27, 2019 6:11:01 AM

If you, as a US person, receive a gift of more than $100,000 from a foreign person, you are required to submit a Form 3520 to the IRS. Form 3520 is an informational form only and is not part of the Turbotax program.

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

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

http://www.irs.gov/Businesses/Gifts-from-Foreign-Person

Level 2

Jul 27, 2019 9:00:14 AM

Thanks, but what about the joint bank account?

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Do I need to file 3520?