Need to file Form 3520 every year?

[onemoment]

I received more than 100k USD gifts on tax year 2021 and filed form 3520. I did not receive more than 100k USD gift in tax year 2022, do I still need to report the 3520 for tax year 2022? thanks

[DoninGA]

You only file a form 3520 for the tax year you received over $100,000 from a foreign person.  If you did not receive this type of income in 2022 then there is no reason to file the 3520 for tax year 2022.

[onemoment]

Thanks. I still have the foreign accounts and earned interest in 2022.  So,  I still need to report 8938  and there is a #13 foreign deposit account asking to report for interest earned and where it is reported. In 2021, I put form 3520 line 54 (d: where reported form and line) . So what should I do for 2022 return? 

[DoninGA]

Foreign accounts are either entered on a Form 8938 or you have to report it using FinCen Form 114.

Go to this IRS website for information - https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements