Form 3520, Part IV. I received foreign gifts from 4 people in excess of $5000, but only 3 lines are provided on this form. What kind of statement do I need to attach?

[lfish003]

Form 3520, Part IV. I received foreign gifts from 4 people in excess of $5000,  but only 3 lines are provided on this form and more space is needed. What kind of statement do I need to attach?

[MinhT]

If the gifts received from a nonresident alien (or related nonresident aliens) do not exceed $100,000, then you should answer No to question 54 in Part IV and you do not need to fill out the detailed list in Part IV.

If you really need more space, then just attach a statement in the same format and the same headings as the list in question 54 Part IV.

[myselfdemon]

"Statement" that need to be attached if more than 3 transactions, Is it the bank statement showing the transactions? Or should i just make a similar table on plane paper and list the remaining transactions and attach it with the form?

[jj7299]

If i attach my own statement to part IV 54 (because of lack of space) is it enough to attach a document with the title "Part IV, 54" at the top and then just insert a table with the same headings?

in the original form do I need to write anything like "please refer to statement attached"? 

[Vanessa A]

Yes, you can attach the statement with title Part IV 54 additional transactions and yes, you will need to enter refer to statement attached on the original form.

[wolf109]

Hello,

If I attach the statement, in the original form, in the field TOTAL, do I put complete amount, including that in the attached statement? Also, do I use first 2 lines in the original form and then continue in the attached statement?

Thank you!!

[DianeW777]

No. You should include each separate item on the 'Statement' attached and put your complete total in Part IV, Line 54.

• Example: Date = Various; Description = See Attached Statement; FMV of Property Received = Total of all combined gifts.

@wolf109 

[wolf109]

Thanks much for the answer! Just to be clear.

To avoid ambiguity in the original form I just write ONE line:

(a)=Various    (b)=See attached statement   (c)=Total $$ amount of combined gifts

And in Total below also put the same total $$ number.

In the attached statement I replicate the same table with more lines in it and put each gift in there. Is it correct?

[Vanessa A]

Yes.  You will enter one line on the original form with the totals (a)=Various    (b)=See attached statement   (c)=Total $$ amount of combined gifts.

Then on the attached statement you will be specific.  For example. If you had a gratuitous transfer you would have columns a through i with the info requested on the form for a through i.  Basically, you should be filling out what looks like an extension of the form.  Same columns, same info, just a different piece of paper. 

[MUSTANGSally89]

How much detail needs to go into the description in the table following line 54?

Just if it's cash? the identity of the gift giver? relationship to me if they are my family member? anything else?

thanks!

[AbrahamT]

As per the instructions of Form 3520. See here subsection "Line 54" indicates that we only want information for those recipients of the nature of nonresident aliens and foreign estates  if you know or have reason to know that that those people are related to each other See subsection "Related Person as to who would qualify to be a related party to each other." 

Remember there are 3 conditions;

a- Each one of the related parties gave a gift in excess of $5,000.

b- The combined total of all the gifts from these parties must be in excess of $100,000.

c- The gifts must come from a "nonresident alien/ foreign estate.

Following this,  you would simply record the date of each gift, Description of property received and the fmv of the property received.

[wolf109]

Hello,

I've received a portfolio of stocks, bonds, ETFs as a gift from my father.

Should I provide a detailed list of all the stocks and bonds received with the number of shares and FMV, each in a separate line? 

Something like:
10 shares of Apple stock .... $$ FMV 
5 shares of Google stock ... $$ FMV

12 shares of Amazon stock ... $$ FMV

5 shares of TLT bond ETF ... $$ FMV

OR should I just aggregate them in a single line:
Shares of stocks, bonds, ETFs ... $$ FMV

Thank you!!

[Vanessa A]

Assuming your gifts were from a nonresident alien and you meet the criteria above listed by @AbrahamT and DO need to report the gift, then you would list as the first method you listed with the details of the what the gifts were (stocks, bonds, apple, google, etc) and the amount. 

[fxiaotb]

Follow the instruction: "To calculate the threshold amount ($100,000), you must aggregate gifts from different foreign nonresident aliens and foreign estates if you know (or have reason to know) that those persons are related to each other". If I received gift from two nonresident aliens (total over threshold) but those tow aliens are not related to each other. Should I still have to report form 3520 Part IV?

More question, specifically want to know how to fill in the (b) Description of property received and (c) FMV of property received. For example, at Nov/20/2024, I have received Cash of $50,000 from my sister (nonresident), which via online transfer form her bank in foreign country.

[SusanY1]

If the gifts are from entirely unrelated individuals (a friend, for example and a sister) then those aren't counted for meeting the threshold to file.  However, once the threshold is met to file the form at all, you must report gifts from individuals that exceed $5,000 in Part IV.  

There is no tax due for the gifts received and the penalties for not filing when you should are pretty steep so it is generally best to err on the side of caution in regards to Form 3520 -when unsure, report the gift. 

In regards to how to list data here, in the example given you would list the date of Nov 20, 2024 as the date received in column a, "cash" (or "bank transfer of cash" if you prefer) in the description of property received in column b and $50,000 as the FMV of property received in column c.