Questions to Fill a 3520 form.

[qlet]

Hi there. My wife and I are both U.S citizen, my wife’s aunt is foreign and living in Asia. In 2017 my wife’s aunt sold her house and gave us money as a gift by wire transferred into our joint checking and saving account. There are three transactions wire transfer into our checking account total is 70K and two transactions into our saving account total is 60K. My questions:

Do I need to fill a 3520 from? If I do need to fill a 3520 form, is there required any document to attach? In my case, do I just only need to fill out line 1a to j and part 4 line 54? Is that correct? 

Thank for your time to advise.

[viktoriyab11]

Yes, you will have to file Form 3520 if total gift value was more than $100,000.

Reporting Requirements
You must file Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts, if, during the current tax year, you treat the receipt of money or other property above certain amounts as a foreign gift or bequest.  Include on Form 3520:

• Gifts or bequests valued at more than $100,000 from a nonresident alien individual or foreign estate (including foreign persons related to that nonresident alien individual or foreign estate);

or

• Gifts valued at more than $15,601 for 2015 (adjusted annually for inflation) from foreign corporations or foreign partnerships (including foreign persons related to the foreign corporations or foreign partnerships). 

  Gifts from Foreign Person https://www.irs.gov/businesses/gifts-from-foreign-person

[qlet]

Thank you very much for let me know that I have to fill form 3520. Another question: Can I just N/A items 2, 3, 4 on front page of form 3520 or leave it blank? Thank you.

[viktoriyab11]

Form 3520 line 2a - 3g applicable to a foreign trust.
Lines 4a through 4e If you are the executor of the estate of a U.S. citizen or resident.
Any boxes that are not applicable to you, simply leave blank.
Instructions for Form 3520 (2017) <a rel="nofollow" target="_blank" href="https://www.irs.gov/instructions/i3520">https://www.irs.gov/instructions/i3520</a>

[qlet]

One more question, on the top of the form 3520 item A (Check appropriate boxes) which I do not see any box applicable to me, can I just leave it unchecked?  Thank you for your help.

[viktoriyab11]

Yes, leave it unchecked. You are welcome!

[weiminjiang]

is there required any document to attach?

[Anonymous]

Hi,

May I ask the definition of inheritance from a foreigner person. My mother had green card then left US for 9 years never came back. Shall I report f3520, the amount is > $100,000 ? Or just in f8938, or both ?

Thanks,

[Anonymous]

How about the gift is from a resident alien? Do f3520 still require?

[Anonymous]

Hi,

Just to share what I learn about form 3520 regarding foreigner gifts and bequests.

IRS has different definition of green card holders for reporting f3520 and filing tax.

It will take some study of IRS regulations to understand them. In general, f3520 is required for foreign gifts and bequests when the value is greater than $100,000. Fail to file will have significant penalties. It makes this matter a very high priority to comply with IRS laws.