Form 3520 from parent

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

569

Level 15

Sep 2, 2023 12:20:51 PM

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 1

Sep 2, 2023 2:06:28 PM

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

Sep 2, 2023 2:27:37 PM

One. The gifts are in the aggregate.

Returning Member

Nov 7, 2023 3:47:39 AM

Thanks for the helpful answers.

What if my wife and I receive gifts from say, 3 unrelated foreign citizens, $50k each. So the total is $150k, but from 3 separate unrelated transactions. Does that trigger 3520 requirements?

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Form 3520 from parent