Form 8938 - Exceptions to Reporting Foreign Assets Question

[RogerCyrus]

Hello,

I am a resident alien who received foreign gifts in 2023 and need to file Form 3520 this year. The situation becomes a bit complicated because the gift money remained in my foreign bank account for some time, causing me to fall below the threshold for Form 8938.

I came across the Exceptions for Form 8938, which states: "You do not have to report any asset on Form 8938 if you report it on one or more of the following forms that you timely file with the IRS for the same tax year, including Form 3520."

Now I'm wondering, can I simply report the money as a gift on Form 3520 and skip Form 8938 altogether? Since I no longer meet the threshold for Form 8938 if the gift is excluded.

Thank you!

[RobertB4444]

Yes, if you file 3520 you can skip the 8938 for this year.

@RogerCyrus