Hi, I have several International Wire transfers as a result of gift money from parents. Totally they exceed 100k and I believe that I need to submit Form 3520. My question is: do I need to attach the bank statements showing these international wire transfers, when I send the form by mail? Or not necessary? How should I describe these international wire transfer in Line 54(b) of Form 3520? Thanks very much!
You'll need to sign in or create an account to connect with an expert.
No, you can submit the form without bank statements or wire transfer statements. Although there are only three lines on the form to enter the wire transfers so if you had more than three of at least $5000 you will need to attach a statement.
In this case "gift from parents" seems an appropriate description.
Thanks very much for the help!
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
lixingyi8947
New Member
Beryl Guo
Level 2
masadilyas
New Member
nishchay-thebigp
New Member
fjleontax
Level 2