Form 3520

Forum|Forum|1 year ago
February 24, 2025
2 replies
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My mom pasted away a couple of years ago, my husband and I both received $75,000 inheritance last year, so the total is $150,000. Does the $100,000 threshold apply to one person or a couple when filing a joint return? If it is the former, I guess we don't need to file form 3520. If it is the later, we need to file form 3520. Please advise. Thank you.

Best answer by DoninGA

The Form 3520 is per person. Since neither you or your spouse received an inheritance of more than $100,000 there is no need to file the Form 3520.

DoninGAAnswer

Employee

The Form 3520 is per person. Since neither you or your spouse received an inheritance of more than $100,000 there is no need to file the Form 3520.

MaewangAuthor

Thank you so much for your quick response!

SusanY1

The threshhold is per individual. The exception to this is if you file a joint return and each spouse is a beneficiary of the same foreign trust. This doesn't sound like it applies in your case.

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