I received foreign property (more than100k) and cash gift (aggregated to 48k) in 2023 from my mom, do I list them all in 54b? For cash gift, what can I put on description?

Forum|Forum|2 years ago
March 18, 2024
1 reply
0 views

My mom gifted a house and send some cash gift to bank account in 2023. I know that I need to file 3520. For the cash gift, the cash was splitted and sent in Feb, Mar, May, and June totaling of 48k. Do I list the cash gift in as a whole amount or list them separately by date? On the description of cash gift, what should I put ( would" received wire transfer from parent" be acceptable?)

Not A Product Question

Best answer by SusanY1

You could write "Feb-June 2024", or ‌use the June date. I know there's not a lot of room in that space but you could also separate the dates by commas such as " 2/1, 3/10, 5/1, 2024". They are mainly looking here for a date in 2024 to indicate that you've filed the form timely.

SusanY1

I would list the cash gift once, using the total of the gift. Your description is fine - anything that gives the general nature of the gift and that will make sense to you later when you're looking at the form works well. This is on the off-chance you're asked about it later, you want it to be clear to you what it is/was so that you could explain it.

For gifts and inheritances you are just filling out the top of the form through line 1k, and then Part IV, Line 54. Then be sure to sign and date it at the bottom of page 6 before mailing to:

Internal Revenue Service
PO BOX 409101

Ogden, UT 84409

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"