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Level 2
posted Oct 14, 2024 6:54:44 PM

How to write on form 3520 description?

If in one year I received:

 

1. Foreign wire transfer from a foreign relative(two wires on two different dates, totaling $50,000)

2. Proceeds from foreign life insurance upon the death of a foreign relative (different relative from 1, totaling $100,000)

how should I write the description on Part IV 54 (b)?

 

They all show up in my US bank account as wire transfer(they were all directly deposited into my US bank account), so can I just sum them all together and  describe it as one "foreign wire transfer" totaling $150,000 and using the first day of the wire transfer as the date of the bequest?

 

0 2 9408
2 Replies
Level 15
Oct 14, 2024 9:11:51 PM

Level 15
Oct 15, 2024 12:25:45 PM

@oboero2 , I thought we had discussed this in general on another of your posts.  Just in case , please see this  pub. from the IRS -- this lays quite clearly the  IRS position on what and how to report.-->

Gifts from foreign person | Internal Revenue Service

 

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