I received 99,000 dollars from my mother and father. My wife received 99,000 dollars total from her mother and father. do I have to file 3520?

[zhangw86]

my wife and I a permanent resident in the US In 2017, I received 99,000 dollars from my mother and father.  My wife received 99,000 dollars total from her mother and father. 4 people are in China and all Chinese citizen. do I have to file 3520?

[PaulaM · Accepted solution]

Yes according to the IRS link below, you must report if the gifted value is greater than $100,000 received from related parties.  Even though you each received $99,000 the combined total received from related parties should be taken into account (in-laws). You don't want to receive penalties.

TurboTax does not support the form. You can complete with the link below.

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

https://www.irs.gov/businesses/gifts-from-foreign-person