Since turbotax is unable to prepare for Form 3250, is it possible that I could use turbotax efile my tax return to IRS, then mail the filled Form 3250 to IRS? If so, do I need any cover letter or something else that remind IRS to add Form 3250 to my efiled tax return? Thanks!
I believe you meant the IRS Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts.
The Form 3520 is mailed separately from your personal tax return. So you can e-file your personal tax return.
You must Sign and date the form 3520 and It is mailed to -
Internal Revenue Service Center
P.O. Box 409101
Ogden, UT 84409
IRS Form 3520 - https://www.irs.gov/forms-pubs/about-form-3520
Thanks for the reply.
Yes, it is Form 3520. I read the instruction of 3520. Just wanted to confirm to if I receive less than $100,000 foreign gift cash, I don't have to file Form 3520 to IRS, right?
If none of the rules under Who Must File instructions for a Form 3520 apply to your situation, then you are not required to file the Form 3520.
However, you may be required to file either a Form 8938 or a FinCEN Form 114 (FBAR) based upon the amount of foreign assets you own.
Go to this IRS website for a Comparison of Form 8938 and FBAR requirements - https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements