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FORM 3520

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? 

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FORM 3520


@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.**

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3 Replies

FORM 3520

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

FORM 3520

IS MONEY FROM MY SPOUSE CONSIDERED TO BE A GIFE ?

FORM 3520


@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.**
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