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Level 2
September 2, 2023
Solved

Form 3520 from parent

  • September 2, 2023
  • 1 reply
  • 25 views

Each of my parent (both are NRA) give me gift of $50k so since they are related the total reaches $100k. 

So my first question will be that do I file one 3520 with both transactions listed or two separate 3520 and if have to be 2 forms can I mail them together in one envelope ?

Then both transactions are wire transfer of cash from foreign person , so I only need to fill part IV right ?

Although I will be filing tax return jointly with my wife , the 3520 form is not jointly as both transactions were from my parent is that correct ? 

Do I need to attach any notice or receipt from bank?

 

Thanks

 

 

Best answer by Anonymous_

One. The gifts are in the aggregate.

1 reply

Level 15
September 2, 2023

Threshold question: Is the gift exactly $100,000 or more than $100,000?

 

You would need to file Form 3520 in the event of the latter.

 

See https://www.irs.gov/instructions/i3520#en_US_2022_publink1000190314

Level 2
September 2, 2023

It's exatly $100,000. But  I heard that it will be safer file even if it is near the threshold .

In case I want to file , do I need to file 1 with both or 2 separate ?

 

Thanks 

 

Level 15
September 2, 2023

One. The gifts are in the aggregate.