Receiving foreign gifts from multiple people

[aliiiiiiceee]

Hi,

If I received foreign gifts from multiple people (that in aggregate exceeded $100,000), do I need to file Form 3520? No gift individually exceeded 100,000, but in total they did.

[Anonymous_ · Accepted solution]

The aggregate of $100,000 refers to multiple gifts from one donor.

See https://www.irs.gov/pub/irs-irbs/irb97-25.pdf (page 30)

[blueskyus0]

@Anonymous_I read the link you posted, but still not very sure. can you please confirm if I understand correctly? -- I received $60,000 from person A, $80,000 from person B, both A and B are foreign individuals and they are not related at all. I don't need to file Form 3520. Am I correct?

[Anonymous_]

@blueskyus0 

A U.S. person is required to report the receipt of gifts from a nonresident alien or foreign estate only if the aggregate amount of gifts from that nonresident alien or foreign estate exceeds $100,000 during the taxable year. Once the $100,000 threshold has been met, it is expected that Form 3520 will require the donee to separately identify each gift in excess of $5,000, but will not require the identification of the donor.

[blueskyus0]

Hi @Anonymous_  can you please directly answer my this question -- two gifts received from two unrelated nonresident alien in one year,  in amount of $80k and 60K each. Is Form 3520 filling required?

[Anonymous_]

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@blueskyus0 wrote:

Is Form 3520 filling required?

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No

[blueskyus0]

thanks, much appreciated!