I am a U.S. citizen married (filling jointly) in California and received a foreign gift in the 2016 tax year. My CPA says he needs my W-2 and paystubs, but I don't think that is true. I believe the form 3520 is purely an informational form only and not part of a tax return.
Can anyone confirm this statement? Also, what are the best ways to avoid getting taxed on this (this was a gift)?
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The IRS Form 3520 is an informational form but it is required to be submitted to the IRS before the due date of your 2016 tax return, April 18, 2017 or the extension due date.
If you received a gift from a foreign individual greater than $100,000 then that needs to be reported to the IRS using Form 3520.
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
You must sign and date the Form 3520. It is not to be filed with your personal tax return, Form 1040.
Send Form 3520 to the Internal Revenue Service
Center, P.O. Box 409101, Ogden, UT 84409.
i am an US citizen and work in Germany. I have a distributed pension account in 2020 from my foreign employer . Do I need to file form 3520?
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