I file joint tax return. And I received foreign gift $110,000 in my own account. In form3520, should file as individual, but not as joint form 3520?

[mmike0]

ie. in item 1a only leave my name, and uncheck the box of item 1i - joint Form 3520 with spouse.

[MinhT1]

It depends.

If both you and your spouse are beneficiaries of the gift then you both should file a joint form 3520. In this case, you write both names in box 1a, your TIN in box 1b and your spouse's TIN in box 1d; and check box 1i.

If you are the sole beneficiary then you file the 3520 in your name only. You write your name in box 1a and your TIN in box 1b and do NOT check box 1i.

[mmike0]

Thanks MinhT1.

The definition of US beneficiaries in the instruction of the form:   

    U.S. person that could possibly benefit (directly or indirectly) from the trust at any time...

So it seems to me that a couple filing joint return will be both implied as beneficiaries, although the gift was designated only to one of them.

[DaveF1006]

Yes, because even though it was issued in your name, your wife benefits from it indirectly just because she is married to you. You two are beneficiary sole mates.

[mmike0]

Got it.   Thanks !

[mmike0]

Last question: the gift fair market value should be wired dollars less bank fees, or just the total dollars wired ($100000-$30, or $100000)? Thanks.

[npierson7]

It should be the total wired, don't subtract the bank fees.