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New Member
posted Mar 7, 2024 7:40:49 AM

Clarification on Form 3520

Hello,

 

I am helping my brother in law fill out Form 3520 for a large cash gift he received from his father (a non-us resident).

 

We've been struggling to get H&R block to help us and have not heard back from any local CPA's, so we are trying to fill out the form ourselves.

 

It seems pretty straightforward, but it is still a little intimating.

 

From my reading of the form and the IRS help section, we certainly need to fill out question 1 (identifying information of my brother in law), 54 (details of gift), and 56.  However, I am unsure if we need to fill out question 2 (Name of foreign trust).  If this is not related to a foreign trust (and therefore not related to part 1, 2, or 3 of form 3520), should this section be ignored?  Or does it need to be filled out with his father's information (the gift giver).

 

Thanks for the help!

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1 Replies
Expert Alumni
Mar 7, 2024 5:31:30 PM

No. The name of the foreign trust does not need to be filled in. you can also skip parts 2 & 3 also but you do need to fill in Part 1V.

 

Let us know if this works.