[Form 3520] Got gift and partially returned the gift. Should I report the net amount?

[taxforumquestion]

I got a 150k as a gift from a family member (Nonresident Aliens) to purchase a property and after the purchase, I returned the excess amount (40k). The two transactions are 4 months apart but both in 2021.

What should be reported on form 3520? Should I include the difference or the full amount? Also, if I would put the full amount, does that mean I have to file another form for giving the money back as a gift?

[MarilynG]

Form 3520 is a form that needs to be completed and mailed in.  You can still complete your regular tax filing with TurboTax.

Form 3520 is a disclosure document, and there is never any actual tax due with it.

Since you returned 40K, you could report a gift of 110K on Form 3520.  You don't have to file another form. 

Click this link for more info on Form 3520. 

[taxforumquestion]

Thanks for replying,

But how it would be reported? The form is asking for each gift item above 5k to be individually reported. So would I put one line at 150k with the date and another line -40k? I'm worried that if I put only 120k it wouldn't match the bank transfer (or the requirement to identify each gift individually) and it raises an issue.