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Do i need to file form 3520 if the gift received is less than $100,000 from a foreign person?
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posted
May 31, 2019
5:52 PM
last updated
May 31, 2019
5:52 PM
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Do i need to file form 3520 if the gift received is less than $100,000 from a foreign person?
do i need to file form 3520 if the gift received is less than $100,000 from a foreign person?
No. If the amount received as a gift from a foreign individual is less than $100,000, the Form 3520 is not required.
IRS Form 3520 instructions - https://www.irs.gov/pub/irs-pdf/i3520.pdf
4. You are a U.S. person who, during the current 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 $15,601 from foreign corporations or
foreign partnerships (including foreign persons related to
such foreign corporations or foreign partnerships) that you
treated as gifts.
May 31, 2019
5:52 PM
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Do i need to file form 3520 if the gift received is less than $100,000 from a foreign person?
As an aside, you can record that gift as non taxable income in the Salles Tax deduction section.
May 31, 2019
5:52 PM
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Do i need to file form 3520 if the gift received is less than $100,000 from a foreign person?
if I received gift under 100,000 and my wife received gift under 100,000 under the seperate account, we file joint, do we need file form 3520?
May 31, 2019
5:52 PM
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