my wife and I a permanent resident in the US In 2017, I received 99,000 dollars from my mother and father. My wife received 99,000 dollars total from her mother and father. 4 people are in China and all Chinese citizen. do I have to file 3520?
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Yes according to the IRS link below, you must report if the gifted value is greater than $100,000 received from related parties. Even though you each received $99,000 the combined total received from related parties should be taken into account (in-laws). You don't want to receive penalties.
TurboTax does not support the form. You can complete with the link below.
https://www.irs.gov/forms-pubs/about-form-3520
https://www.irs.gov/businesses/gifts-from-foreign-person
Yes according to the IRS link below, you must report if the gifted value is greater than $100,000 received from related parties. Even though you each received $99,000 the combined total received from related parties should be taken into account (in-laws). You don't want to receive penalties.
TurboTax does not support the form. You can complete with the link below.
https://www.irs.gov/forms-pubs/about-form-3520
https://www.irs.gov/businesses/gifts-from-foreign-person
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