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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@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 ?
This link is for the instructions for form 3520.
I advise you to contact a local tax professional.
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