I have received a foreign bequest (~80,000$) from my father, who is non US citizen, non US resident upon his death. Later, my mother (who is non US citizen, non US resident) gifted ~55,000$ to me.
To report on form 3520, one should aggregate the amounts received from related people.
In my case, should I consider bequest and gift from my father and mother, respectively, as separate items? If they are considered separately, both bequests and gift do not cross the reporting threshold of 100,000$.
What is the correct way to aggregate gifts or bequests?
According to the instructions for form 3520, you may file your income tax return for tax year 2022, with the Form 3520 sent in separately. would definitely say don't report this as a final return if you expect more gifts from your foreign relatives, unless you are sure.
A separate Form 3520 must be filed for each transaction.
Since you received 2 seperate gifts from 2 separate persons, you will need to file two separate form 3520,s, see instructions above on what to file with the Form 3520.
According to these instructions from the IRS, form 3520 may be mailed separately but is due by April 18. You may file your return electronically without the 3520.
Returns with attachments may not be efiled but must be printed and mailed in, including all of the attachments.
The 3520 form should be sufficient by itself as long as the gifts have been reported on the form. You may wish to click on the link in my opening paragraph just to see if there are additional requirements. Pay particular attention to the section entitled When and Where To File.
See image below - In Turbo Tax you will put in 2 where the 1 is, or you can leave blank.
Let us know if you have additional questions.
I have one more question. Should I consider as aggregated the bequest from my father and the gift from my mother for reporting purpose? If I don't, I don't even cross the reporting threshold and I would not have to file form 3520.
You will still need to report both. Submit form 3520 for each separately. I understand there is a threshold, but they will still be reported.
I don't understand what does it mean. Please, I just want to know whether, in your view, I cross the reporting threshold or not.