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pa_chaits
New Member

I received $108k from parents from India as gift in Apr 2017. Out of which, $10k was ear-marked/spent towards their expenses for their US visit. Should I file form 3520 ?

 
4 Replies
DoninGA
Level 15

I received $108k from parents from India as gift in Apr 2017. Out of which, $10k was ear-marked/spent towards their expenses for their US visit. Should I file form 3520 ?

You are required to report the gift from a foreign individual if the amount is over $100,000 regardless of how the gift was used.  If the gift was received in 2017 then you will need to file the Form 3520 on or before the due date of the 2017 tax return, April 17, 2018.

IRS Form 3520 - https://www.irs.gov/pub/irs-pdf/f3520.pdf

IRS Form 3520 instructions - https://www.irs.gov/pub/irs-pdf/i3520.pdf

pa_chaits
New Member

I received $108k from parents from India as gift in Apr 2017. Out of which, $10k was ear-marked/spent towards their expenses for their US visit. Should I file form 3520 ?

Are there any tax liabilities? If so,how much?
DoninGA
Level 15

I received $108k from parents from India as gift in Apr 2017. Out of which, $10k was ear-marked/spent towards their expenses for their US visit. Should I file form 3520 ?

No tax liabilities.  The filing of the Form 3520 is only for informing the IRS of the gift as required in the tax code.
RP12
Returning Member

I received $108k from parents from India as gift in Apr 2017. Out of which, $10k was ear-marked/spent towards their expenses for their US visit. Should I file form 3520 ?

My mother is planning to gift me $75000. Do I need to file 3520 form since I exceed $15000 annual limit? 

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