3520 Box A

[Robocop2020]

Filing 3520 form for foreign gifts, very straight forward, stuck on the first part only:

Box A  - Check  appropriate boxes, initial return, final return or ammended; 

In my case, i received gift from nonresident. I checked the instruction from IRS for this form. they only say for foreign trust identified.

"Initial return. If this is the initial return you are filing concerning the foreign trust identified, check the “Initial return” box." 

"Final return. If no further returns for transactions with the foreign trust are required, check the “Final return” box.
Example. If you annually filed Form 3520 and completed Part II because you were the owner of the trust for U.S. income tax purposes and the trust has terminated within the tax year, that year's return would be a final return with respect to that foreign trust."

Do I need to leave these box for blank? one  said I need check the initial box.  Others say, to select final? Which one of the three is correct - blank, initial or final?

I would appreciate for advice from people who have completed such forms in the past or are aware of this question. Thanks in advacne.

[MinhT1 · Accepted solution]

Item A should be filled only if the filing entity is a trust.

If you file as an individual, then leave all boxes in item A blank and check the box Individual in Item B.

[Robocop2020]

Thanks!!! Great response

[rao_j]

Hi, friend, For  Form 3520, Box A, Item C, Do I need to check the box? or leave the Blank. I still filed Form 8938 past  4 years. But the report amount from my father donation do not deposit in to my foreign bank account (outside of US).

[DaveF1006]

It depends.  To clarify, I am not sure what line item you are referring to. These IRS instructions regarding the 3520 may clarify your answer.

[rao_j]

 Hi, DaveF1006,
I will file the Form 3520 on 2020 tax return due to I have receive $100000 as gift from my father ( donor) individual. It is not from any trust. He is a foreign person outside of US. Those money have wired to my bank on US directly from my father account (out of US) .He doesn't deposit cash to my foreign bank account (outside of US).
Form 3520, Item C instruction from IRS
"Item C—Excepted Specified Foreign Financial Assets Reported
Check the box in item C only if the Form 3520 filer also files Form 8938, Statement of Specified Foreign Financial Assets, for the tax year and includes this form in the total number of Forms 3520 reported on line 1 of Part IV, Excepted Specified Foreign Financial Assets, of Form 8938. For more information, see the Instructions for Form 8938, generally, and in particular, Duplicative reporting and the specific instructions for Part IV."  I will report the gift for Part IV of  Form 3520. I still filed Form 8938 for my foreign bank account past  4 years due to the amount  over $10000.

Depending on this, I DO NOT CHECEK the Box, Is it right ? will I  leave the Blank ?

Could you give me an answer ?

[DaveF1006]

 At this point, if the gift is an excepted foreign asset and if you report in part 1V, then the box needs to be checked. 

[rao_j]

Thanks!

I checked the instruction of Form 3520 and 8938 again. I don't report the amount from my father donation on  form 8938 due to my father don't deposit the amount for my foreign bank account.  my foreign account doesn't include the amount. I think no check the box is better. If 8938 report the amount  and 3520 report  the  amount also ,we will check the box.

[iping22]

Hello, need some help finishing form 3520. I received more than 100k total from two related non-citizen individuals.

On the page 1, I only

• check Box B,
• check "you are a U.S person who, during the current tax year, received certain gifts..... Complet all applicable identifying information requested below and Par IV of the form."
• Filled in my personal info on page 1. 

On the page 6, item 54

• I checked Yes
• Filled in (a)(b)(c)

Do I need to fill in anything else? the gifts were not from any trust and corp. 

Thank you very much.  

[ReneeM7122]

No, you don't need to fill in anything else.  Here is more information about Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts.

U.S. persons (and executors of estates of U.S. decedents) file Form 3520 to report:

• Certain transactions with foreign trusts.
• Ownership of foreign trusts under the rules of sections Internal Revenue Code 671 through 679.
• Receipt of certain large gifts or bequests from certain foreign persons.

@iping22

[iping22]

Thank you!

[Adam Salim]

Thank you for your reply Renee. 

As far as 56 of the tax form 3520. My uncle gifted me his own money, from his own bank account, and there is no other person involved in this gift/transaction. It is his money and and it is a gift from him directly to me. 

My question is: based on my scenario described above, I answered question 56 by checking NO box. Is that correct in my case? 

Thank you 

[DoninGA]

Answering No for box 56 would be correct.

[Adam Salim]

Thank you. I appreciate your reply 

[wolf109]

In the Part IV, item 54 (b) Description of property received -- what do you write if it were a wire transfer? Would "wire transfer of USD from my father" be enough?

Thank you!