You'll need to sign in or create an account to connect with an expert.
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
My mother is planning to gift me $75000. Do I need to file 3520 form since I exceed $15000 annual limit?
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
ohiogirl-cinci-r
New Member
AndrewK24
New Member
krien2009
New Member
b35970191e11
New Member
kennon1967
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.