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Form 3520 (Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts) is only required to be filed if you were a United States taxpayer (citizen or resident alien) and recipient of a gift(s) from a foreign national(s) in annual excess of $100,000, or if you were such a person and the owner of a foreign trust account or entity, or had financial interactions with such a foreign trust.
It
does not apply to any other foreign bank or financial accounts, or to
the many other circumstances that a US taxpayer may have, or encounter,
with overseas financial transactions. It also does not apply to nonresident aliens.
So, for the specific example of your case, therefore, if you are classified under US tax law as a nonresident alien, conducting the type of money movement transfer you describe, then there will be no need for you (or anyone else for that matter) to file a Form 3520.
You are very welcome to confirm this conclusion, for yourself, by reading Pages 1 and 2 of the Form 3520 instructions. A courtesy link to that document is provided below for reference:
Form 3520 (Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts) is only required to be filed if you were a United States taxpayer (citizen or resident alien) and recipient of a gift(s) from a foreign national(s) in annual excess of $100,000, or if you were such a person and the owner of a foreign trust account or entity, or had financial interactions with such a foreign trust.
It
does not apply to any other foreign bank or financial accounts, or to
the many other circumstances that a US taxpayer may have, or encounter,
with overseas financial transactions. It also does not apply to nonresident aliens.
So, for the specific example of your case, therefore, if you are classified under US tax law as a nonresident alien, conducting the type of money movement transfer you describe, then there will be no need for you (or anyone else for that matter) to file a Form 3520.
You are very welcome to confirm this conclusion, for yourself, by reading Pages 1 and 2 of the Form 3520 instructions. A courtesy link to that document is provided below for reference:
Hi, I am having the same question and would like to know if you have figured out whether you need to report this transfer or not. Thanks in advance! @rspr
U.S. persons (and executors of estates of U.S. decedents) file Form 3520 to report:
A transfer of money from one account you own to another account you own is not reportable income. However, if you have foreign assets, those may need to be reported.
You'll need to report these assets and file Form 8938 (Statement of Specified Foreign Financial Assets) if any of the following are true:
If you are required to file Form 8938 but do not file a complete and correct Form 8938 by the due date of your federal income tax return (including extensions), you may be subject to a penalty of $10,000. Continuing failure to file Form 8938 could result in additional penalties up to $50,000.
See the IRS instructions for Form 8938 for more information.
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