Question

I have made a mistake when filing Form3520, what will be the consequence and how can I correct that?

Forum|Forum|7 years ago
June 2, 2019
1 reply
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P

pk12_2

Employee

What kind of mistake ? Name of Alien? country involved? amount ? or ?

Only if the amount in US$ is wrong then perhaps you should consider filing a new 3520.

S

spacey1Author

I thought it was a straightforward case and didn't consult with a tax professional. I received a cash gift from a foreign friend to help with a personal situation so I just filled out #54, not #55 nor #56. I then realized the funds actually came from a foreign corporation and my friend had also changed his mind and wanted the gift to be a loan instead, likely with no to low interest. It seems like I at least had made two mistakes: 1. the information was not correct on the form 2. i actually didn't need to file this form at all...