Question about form 3520

[Robocop2020]

Hi,

did you ever get an answer whether initial or final to select /or just leave it blank on 3520 for the gift? I am in same situation. Please let me knkw

[rao_j]

I can't get any answer from anyone. Did you ask some tax prepare ? if you get it , please let me know how to do it. some one said initial and some one said final. 

[Robocop2020]

I got the response, it should be left blank as you initially suggested. Refer to this:

https://ttlc.intuit.com/community/taxes/discussion/re-3520-box-a/01/2051825/highlight/false#M738988

[rao_j]

Thank you so much let me know this.

[Willie20]

Just wondering, can you please let me know as how do I report multiple gift transactions on Line 54 a.b.c.

As there is space to report only 3 transactions on the form.

I need to report  & provide details of 8 transactions for the total $175K.

Any advice would be deeply appreciated.    

[Willie20]

How can I report multiple gift transactions on Line 54, a,b,c.?

On the form 3520 - Line 54 provides space for only 3 transcations. I have multiple transactions to report with different date & amount.

Can you please advice.?  I would really appreciate it,   

[rao_j]

I have the same question like you. The instruction of Form 3520 told us we can add a attachment with this form. But I don't know how to do this. I also hope some one can give us advice. If someone reply this post, please let me know. thanks!

[Cici123]

Hello 

From IRS website 

_____________

You are a U.S. person who, during the current tax year, received either:

1. More than $100,000 from a nonresident alien individual or a foreign estate (including foreign persons related to that nonresident alien individual or foreign estate) that you treated as gifts or bequests; 

________________

Quick question, if my parents both wire $80,000 individually within one tax year. ( Sum as $160,000)

Do I need to file 3520 form? 

Really appreciate for the help!

[rao_j]

I think you need Form 3520 due to the amount you got over $100,000 currently tax year.

[hpaik100]

Yes, you do.

[DaveF1006]

 @Cici123  Yes, to expand what rao_j just mentioned, let me share what is written in this IRS.com post. 

You are a U.S. person who, during the current tax year, received either:

1. More than $100,000 from a nonresident alien individual or a foreign estate (including foreign persons related to that nonresident alien individual or foreign estate) that you treated as gifts or bequests; 

Since Mom and Dad are related, then form 3520 must be filed because the combined total is than $100K.

[Cici123]

Thank you! Really appreciated! 

[wolf109]

Hello,

I have a question on item 54a, is that possible to combine several wire transfers into one line? In other words, can I treat several wire transfers from one person as one gift?

If so - what date would be appropriate? The date of the last wire transfer received?  Thank you!!

[JohnW152]

There is no direction provided in Line 54 in the 2021 Instructions for Form 3520 for combining gifts from one person.  

In the interest of transparency in the eyes of the IRS, it’s probably advisable that you list them individually, at least if they’re on different dates.

@wolf109

[tianwaifeixian]

Where to find the picture you mentioned in your post?