How can I report multiple gift transactions on Line 54, a,b,c.?
On the form 3520 - Line 54 provides space for only 3 transcations. I have multiple transactions to report with different date & amount.
Can you please advice.? I would really appreciate it,
You'll need to sign in or create an account to connect with an expert.
The IRS doesn’t give any specific guidance in the 2021 Instructions for Form 3520 for reporting excess gifts on line 54.
However, you’d be fine if you’d enter “SEE STATEMENT ATTACHED” in the description for the third entry on line 54.
Then, attach a brief letter of explanation and an actual statement of any excess gifts, providing the information required in columns (a), (b) and (c) that weren’t included on line 54.
Please clarify your question. TurboTax does not support IRS Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts. That is a separate IRS form to be filed separately from your tax return.
Yes I understand is not included and needs to be file by mail. My question is if any one can help on telling me how should I add an statement to the form because I need to report more than 3 gifts.
where do I state there is an statement attached?
thank un advance for your help
The IRS doesn’t give any specific guidance in the 2021 Instructions for Form 3520 for reporting excess gifts on line 54.
However, you’d be fine if you’d enter “SEE STATEMENT ATTACHED” in the description for the third entry on line 54.
Then, attach a brief letter of explanation and an actual statement of any excess gifts, providing the information required in columns (a), (b) and (c) that weren’t included on line 54.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Megi123
New Member
Raph
Community Manager
in Events
Raph
Community Manager
in Events
MS461
Returning Member
Rmurali82
New Member