Married couple both receive foreign gifts. Only 1 person's gift exceed 100k. How do we file 3520?
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8688
New Member

Married couple both receive foreign gifts. Only 1 person's gift exceed 100k. How do we file 3520?

We filed tax jointly as married couple. We both received foreign gifts to our separate bank accounts but only husband's gift exceeded 100k. Does husband's 3520 need to include wife's gifts or just his own? Does wife need to file anything? There is a box in the form "Check the box if you are married and filing a joint 2016 income tax return, but you are filing separate Forms 3520." If only husband is filing, do we need to check that box?

2 Replies
GeoffreyG
New Member

Married couple both receive foreign gifts. Only 1 person's gift exceed 100k. How do we file 3520?

Given your circumstances it appears that you only need to file one single Form 3520 (husband).  If the total foreign gift received for the other person (wife) does not exceed the $100,000 threshold, then a separate Form 3250 would not absolutely be required.  Thus, you could leave the box for item 1i "unchecked" on the informational section of Form 3520 Page 1.  Please see the attached screen-capture image for a graphical illustration; simply click the image to open.

This answer (and conclusion) is drawn in large measure on the work done for another AnswerXchange member, who asked about Form 3520 and multiple family members receiving foreign gifts.  The same reasoning (and advice) used there to provide an answer is applicable to you as well -- the only difference being that you are a married couple, and the family members in the other question were unmarried (but related).

As such, I believe that you would benefit from reading that discussion, as more (relevant) information on this subject is provided there.  Here is the link:

https://ttlc.intuit.com/questions/3686604-form-3520-limit-is-100k-per-house-hold-or-per-person


Thank you for asking this question.

8688
New Member

Married couple both receive foreign gifts. Only 1 person's gift exceed 100k. How do we file 3520?

Thank you!
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