3520

Forum|Forum|11 months ago
April 9, 2025
1 reply
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Hi, I got gifts of cash from 2 related persons in multiple tranches (8)

3 wire transfers from my sister to my name on a bank account jointly owned by me and my spouse

3 wire transfers from my mom via wire transfers to the same joint account

2 I sent myself from oversees to the same joint account after getting cash present from my mom.

Can I just aggregate those and have only 2 persons on 3250 or should i have all 8 transactions listed in the statement.

pk12_2

Employee

@Dimotori for Form 3520, the threshold is US$100,000 aggregate from NRA person / Trust/Estate. Thus if the sum total of gift from your sister to you for the year is equal or greater than the threshold, then you need to recognize/report that gift. Ditto for your mother.

Transfer of funds from foreign accounts that you own or control do not come under 3520 regs.

I am assuming that both your sister and you mother are NRA individuals.

Note that this is only informational return and has no Tax Effect.

BTW -- if you have foreign accounts/assets that you own, control or have signature authority, these come under FBAR ( Form 114 , online only, at FinCen.gov ) and/or FATCA ( form 8938 along with your tax return )

Does this answer your query ? Is there more I can do for you ?

DimotoriAuthor

Thank you @pk12_2

As i mentioned all gifts came in 8 transactions from 2 different but related non US persons to their daughter/sister - a US person. totals per grantor is higher than 100k each.

Funds for 2 of those transactions were received in cash and then I took it to the bank to send them over to US to my account jointly owned by me and my spouse. (did not have these funds in overseas account before they were gifted).

Should all these transactions go on 3250 though? or I can just aggregate them to 2 lines and say they were received from 2 grantors only

pk12_2

Employee

@Dimotori , whether these were cash or through bank transfer, what you are using form 3520 is to declare that you have received gifts from foreign persons. I would add up the totals from each of the two donors and report on two lines on form 3520.

Does this make sense ?