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Zy2223
New Member

About Form 3520

I have received over $100K the past year as gifts from my parents and friends. Here are some questions I have for filing 3520:

 

1. On line 56, it says that report gifts in excess of $5000. If my parent gifted me $10K on a specific date and the same parent gifted me $2K on another date, I will only need to report the first gift on line 56?

 

2. Do I need to report on line 56 if a non related person gifted me over $5K on a specific date?

 

3. Do I need to report Zelle transactions from related persons on this form? If not, do I need to report this info on another form?

 

I appreciate any help and advice, thank you very much!

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2 Replies
pk
Level 15
Level 15

About Form 3520

@Zy2223  , are you a US person ( citizen / GreenCard / Resident for Tax Purposes) ?  If you are not US citizen , then which country are you from?   Are you currently living in the USA ?   The gifts  received are from foreign persons ( Non-Resident Aliens) or Foreign Trusts  or what ?  Are these actually gifts  ( i.e. with no conditions attached ) or are these loans   etc. ?  From which country are these donors from ?

 

I will circle back once I hear from you --yes ?

About Form 3520

This link is for the instructions for form 3520.

 

I advise you to contact a local tax professional.

 

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