Do i file Form 3520 for receiving EXACT AMOUNT of $100,000, no more than $100,000, from a non-US person? Form 3520 indicates file the form upon receipt MORE THAN $100,000

Forum|Forum|7 years ago
June 5, 2019
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Receive the gift money EXACT AMOUNT of $100000, NO MORE THAN $100000.

Best answer by KrisD15

No, it is for MORE than 100,000

" More than $100,000 from a nonresident alien individual or a foreign estate (including foreign persons related to that nonresident alien individual or foreign estate) that you treated as gifts or bequests;"

https://www.irs.gov/forms-pubs/about-form-3520

KrisD15Answer

No, it is for MORE than 100,000

" More than $100,000 from a nonresident alien individual or a foreign estate (including foreign persons related to that nonresident alien individual or foreign estate) that you treated as gifts or bequests;"

https://www.irs.gov/forms-pubs/about-form-3520

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T

theoluo

Hi @KrisD15 ! Thank you for the answer. I am wondering if I received >$100k from two different accounts (respectively associated with my dad & mom), and each sent me <$100k, do I still need to file this form? Thank you:)

P

pk12_2

Employee

@theoluo , agreeing with @KrisD15 , it generally US$100,000 or more received in 12 months i.e. aggregate amount will trigger the requirement. There is no tax impact but failing to report can attract onerous penalty. My personal opinion is that since it foreign currency converted to equivalent US$ , it is safer to file a form 3520 if the valuation is anywhere near the US$100,000 mark --- it is safer.

If two relatives each give you just under US$100,000, you still use the form 3520 to report both the gifts --- the requirement is for the recipient whom received 100,000 or more in one year --- you can spread this to two years at say 90K and not have to file 3520 --- but my question is since it does not have tax impact and if you are just trying to avoid having to report by creating two gifts , then why -- your bank would report all transactions over US$10,000 (SAR ) and treasury will know about it anyways. Please just report the 3620 and don't worry about it . There is no gift tax for you, not wealth tax ( as in many countries ). You may also have requirements to file FBAR ( FinCen. gov form 114 ) and FATCA ( form 8938 ) depending the asset class/type etc. .