Entering a non-gift transaction on Form 3520?

[zkureshi_usaa]

Hi - Do I enter large foreign account transaction (>$10K) in Form 3520 if its not a gift? I have entered that foreign account information in FBAR and Form 8938 already.

Thanks

Z

[DaveF1006]

A large foreign account transaction over $10,000 doesn’t require Form 3520 unless it’s tied to a foreign trust or a foreign gift or inheritance. Regular transfers to or from your own foreign bank account aren’t reported on Form 3520. These go on FBAR and Form 8938, which you’ve already filed.

[zkureshi_usaa]

Thank you Dave! To clarify, these transactions are check deposits from an account of a non-US person into my foreign account for daily household expenses and bills. I assume I still don't report these transactions on Form 3520, correct? 

Z

[DaveF1006]

Yes, you must file IRS Form 3520 if you are a U.S. person (citizen or resident) who received a gift or bequest exceeding $100,000 from a single non-resident alien or foreign estate in a calendar year.

If the amount of the deposits exceed $100,000, it must be reported on Form 3520.

@zkureshi_usaa