Questions in form 3520

Forum|Forum|5 years ago
September 29, 2020
1 reply
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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 ?

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

pk_

Level 15

@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 ?

KikiAuthor

Level 5

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.