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New Member
posted May 31, 2019 5:52:12 PM

Do i need to file form 3520 if the gift received is less than $100,000 from a foreign person?

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3 Replies
Level 15
May 31, 2019 5:52:14 PM

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.

Level 15
May 31, 2019 5:52:16 PM

As an aside, you can record that gift as non taxable income in the Salles Tax deduction section.

New Member
May 31, 2019 5:52:16 PM

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?