Questions in form 3520
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Level 3

Questions in form 3520

My mother in Thailand passed away in 2019 and inheritance (cash) was wired into my bank account in Thailand. (I am green card holder, live in the US)   I am preparing to file 3520 now (1040 extension for 2019 filed)

Since my mother is just an individual person, 

The First page, Section 2, 3, 4  can be left Blank, and Skip to Part IV ?

 

$10000 wired into my bank on 06/20/2019                   $10000 wired into my bank on 07/07/2019

$20000 wired into my bank on 10/11/2019                   $10000 wired into my bank on  12/01/2019

$10000 wired into my bank on 10/24/2019                   $60000 wired into my bank on 08/08/2019

In Part IV,  54    Can I combine all transactions Total of $ 120000 in line C ?  and Date 06/20/2019 ?

or 

Should I list each of 6 transactions separately in line A and line C ?

If this is a case, how can I list all 6 transactions since there are only 3 lines to list on the form?

 

Thank you 

 

 

 

 

 

2 Replies
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Level 11
Level 11

Questions in form 3520

@Kiki , I am so sorry for your loss.

1. you are filing 3520 to declare having received gift/inheritance from a foreign person with a net value of equal or more that US$100,000.  There is NO tax consequence on this. You need to report the total amounts for each source -- in your case it is total on one line ( assuming that this is all from the same source / person/trust/estate ).

2. Keep a record of all the foreign wire transmittals

3. If the monies were passing through a foreign account over which you had signatory authority  then you also need to file FBAR form ( FINCEN.gov form 114 )

 

Is there more I can do for you ?

 

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Level 3

Questions in form 3520

Thank you very much for your reply. I really appreciate it. Another question,

 

The First page, Section 2, 3, 4  can be left Blank, and Skip to Part IV ?

Since my mother was just a individual person, I just need to fill out Section 1 for my information on the first page?

Or, do I need to fill out Section 2 to report my mother's information?

 

If I don't need to fill out Section 2, 3, 4 in the First Page on the form 3520,  there is nowhere to report my mother's (deceased person)  information that makes me wonder and I want to make sure.

 

Thank you very much again.

 

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