Question

Question for form 3520 after i filed 1040 with 0 form of 3520

Forum|Forum|4 years ago
April 14, 2022
1 reply
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Hi teams

Recently I met one issue about the form 3520. I already filed the 1040 with 0 form 3520 with EFILE, but just now I realized I have to file form 3520 due to gift from non US residence. . So I am trying to file 1040 X to tell IRS that I just need to change the form number 3520, but I can’t find any field at 1040 X to tell IRS about it.

Question 1:

Do you know any field at 1040 X can tell this ?

Question 2:

I plan to just file the 3520 alone without 1040 X, is it OK?

Question 3:

if all of the gift money is from my foreign band account, i just use my father/relatives annual dollar ammount to transfer it, so i transfer the money from my foreign band account then they transfer dollar from their account to my United state account. do i need to file 3520?

Question 4:

i took those gift as the downpay of my house loan, and lender take it as gift when applying the loan.

Appreciate if you can answer the Q1 and Q2. Question 3 and Question 4 is opt.

Thanks.

R

RobertB4444

Yes, just file a 3520 by itself. File it with only the amount that was not on the original 3520 that you filed. Just the new gift that you received. You do have to report it because it is a gift from a foreign source. You do not have to report how you spent it - that is nobody's business but yours.

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