Form 3520

[Maewang]

My mom pasted away a couple of years ago, my husband and I both received $75,000 inheritance last year, so the total is $150,000. Does the $100,000 threshold apply to one person or a couple when filing a joint return? If it is the former, I guess we don't need to file form 3520. If it is the later, we need to file form 3520. Please advise. Thank you.

[DoninGA · Accepted solution]

The Form 3520 is per person.  Since neither you or your spouse received an inheritance of more than $100,000 there is no need to file the Form 3520.

[SusanY1 · Accepted solution]

The threshhold is per individual.  The exception to this is if you file a joint return and each spouse is a beneficiary of the same foreign trust.  This doesn't sound like it applies in your case.

[Maewang]

Thank you so much for your quick response!

[Maewang]

Thank you so much for your timely response!