Form 3520

[szbusiness65]

Hi,

I have two questions regarding form 3520:

I received two wire transfers within a month from each other summing up more than 100k from same foreign non-US person. 

1) Can I add them together and write the total aggregated amount as one gift in part IV, section 54? or should I separately list each gift?

2) Should I write the total amount in the "FMV of property received" section in column c (even if it was cash)  or just simply in the description (column b)? 

Thank you for your time and assistance.

[pk]

@szbusiness65 ,

(a)   if the gifts received were from the same NRA  and in the same tax year, then yes , you can total up the amount and report as one line item.

(b) the value of the gift  is the dollar value  ( FMV ) of the asset.   Note that  FMV   of the asset  is only for  threshold  purposes ---   a non-cash  gift's basis  to you is the same as that of the donor  ( which you will need  when computing gain/loss  at disposal time ).

Does this make sense ?

[szbusiness65]

Thanks so much, yes it makes sense. I guess my only clarification is that, since the wire transfer was in cash with a certain amount, do I still put that wire amount directly into FMV 54(c) column?

Thanks again!

[szbusiness65]

@pk 

Thanks so much, yes it makes sense. I guess my only clarification is that, since the wire transfer was in cash with a certain amount, do I still put that wire amount directly into FMV 54(c) column?

Thanks again!

[pk]

@szbusiness65  line 54 column (c) is trying to capture both non-cash ( hence the "FMV" ) as also cash gifts from NRA --- FMV  of cash being the face value of cash.  It is  kind  of  confusing since they use "did you receive more than $100,000 that you treated as gifts or bequests " and then use "FMV".  

Hope this helps 

[szbusiness65]

@pk 

Got it, thank you!