Dear TurboTax Community:
My wife received $60,000 cash gifts from her parents living overseas and I received $100,000 cash gifts from my parents living overseas in 2025. Money was wired to our individual checking accounts. Are we required to file Form 3520 for our 2025 joint tax return?
Any expert advice is greatly appreciated! Thank you all in advance for your help and patience!
Your wife is not but you are. Note that form 3520 is not part of your regular tax return and is not supported by Turbotax. File it separately. Here is the form and instructions.
@paulfrank1991 generally agreeing with my colleague @Opus 17 that the recipient of the US$100,000 must file form 3520 recognizing the gift from NRA, I think it would be safer to file One form 3520 and recognize both the gifts . I say this because you are married and filing together ( MFJ) , even though the gifts were from two different ( but related ) individuals to two different ( but related ) recipients. It has no tax consequences and to me it is cleaner to recognize the whole US$160,000. IMHO