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Would a couple filing jointly need to file form 3520 if each of them receive a 100k gift each?

Would a couple filing jointly need to file form 3520 if each of them receive a 100k gift each? 

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2 Replies

Would a couple filing jointly need to file form 3520 if each of them receive a 100k gift each?

Read the instructions for that form to determine whether you must report the gifts. The instructions include this statement:

 

Joint Returns

If you and your spouse are filing a joint income tax return for tax year 2022, and you are both transferors, grantors, or beneficiaries of the same foreign trust, then you may file a joint Form 3520. If you and your spouse are filing a joint Form 3520, check the box on line 1i on page 1.

https://www.irs.gov/instructions/i3520#en_US_2022_publink1000190314

 

 

 

pk
Level 15
Level 15

Would a couple filing jointly need to file form 3520 if each of them receive a 100k gift each?

@angela3017 , agreeing with @Bsch4477 , just wanted to add the proviso that this  joint filing ( on one 3520 ) is applicable if , and only if, the amounts come from the same estate / trust or related entities.

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