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posted Oct 16, 2023 9:13:22 AM

3520 - initial return box not checked

I just realized the initial return box should have been checked. The 3520 was filed to record a foreign gift. I thought the initial return only applied to trusts. What should I do?

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1 Best answer
Level 15
Oct 16, 2023 10:53:48 AM

@kws33  , for individuals recognizing  gifts  etc. from a foreign person / estate / etc. , there is ONLY one  filing -- there is no initial  / final 3520.

 

Since you have already filed, don't worry about it -- just rest easy.   If the IRS needs something they will definitely come back.  Consider that you are done for the year.

 

pk

2 Replies
Level 15
Oct 16, 2023 9:42:30 AM

@pk?

Level 15
Oct 16, 2023 10:53:48 AM

@kws33  , for individuals recognizing  gifts  etc. from a foreign person / estate / etc. , there is ONLY one  filing -- there is no initial  / final 3520.

 

Since you have already filed, don't worry about it -- just rest easy.   If the IRS needs something they will definitely come back.  Consider that you are done for the year.

 

pk