FORM 3520

Forum|Forum|4 years ago
September 7, 2021
1 reply
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MY SON AND I ARE BOTH GREEN CARD HOLDERS IN THE USA. FOR THE YEAR 2021, I RECEIVED MORE THAN $100,000 WIRING FROM ABOAD FROM MY SPOUSE WHO HAS NO US IMMIGRATION STATUS. THE MONEY WAS FOR MY LIVING EXPENSES AND OUR SON'S TUITION IN THE USA. DO I NEED TO REPORT IT USING FORM FORM 3520?

Best answer by macuser_22

@ZHENGFEIPENG99 wrote:

IS MONEY FROM MY SPOUSE CONSIDERED TO BE A GIFE ?

Yes, it is a gift, but gifts between spouses are not subject to gift tax. That has nothing to do with form 5320 which applies to any foreign transfer of funds over the limit whether a spouse or not.

The purpose of the form is to track large sums of foreign money entering the US.

DoninGA

Level 15

Yes, you have to report the gift received from a nonresident foreign individual to the IRS using IRS Form 3520 since the gift was more than $100,000.

IRS Form 3520 - https://www.irs.gov/forms-pubs/about-form-3520

ZHENGFEIPENG99Author

Level 2

IS MONEY FROM MY SPOUSE CONSIDERED TO BE A GIFE ?

macuser_22

Answer

Alumni - Champ

@ZHENGFEIPENG99 wrote:

IS MONEY FROM MY SPOUSE CONSIDERED TO BE A GIFE ?

Yes, it is a gift, but gifts between spouses are not subject to gift tax. That has nothing to do with form 5320 which applies to any foreign transfer of funds over the limit whether a spouse or not.

The purpose of the form is to track large sums of foreign money entering the US.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**