Gift money partial return

Forum|Forum|5 years ago
February 22, 2021
1 reply
3 views

I received a gift money from overseas relative over 100K for a house down payment.

Later, I founded out I had extra money .

The question is if I can return money back .

After returning, the remaining gift number is below 100K. Can I not report the gift money since it is lower than 100K?

TurboTax Home & Biz Windows

npierson777

Level 10

If you return the money back it won't change the reporting requirements for you. You'll need to complete and mail-in Form 3520 to the IRS.

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.

About Form 3520

Leonkun007Author

Level 2

Thank you for clarification.

Gift money partial return

1 reply

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