Question

Would a couple filing jointly need to file form 3520 if each of them receive a 100k gift each?

Forum|Forum|2 years ago
November 5, 2023
1 reply
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Employee

Read the instructions for that form to determine whether you must report the gifts. The instructions include this statement:

Joint Returns

If you and your spouse are filing a joint income tax return for tax year 2022, and you are both transferors, grantors, or beneficiaries of the same foreign trust, then you may file a joint Form 3520. If you and your spouse are filing a joint Form 3520, check the box on line 1i on page 1.

https://www.irs.gov/instructions/i3520#en_US_2022_publink1000190314

P

pk12_2

Employee

@angela3017 , agreeing with @Bsch4477 , just wanted to add the proviso that this joint filing ( on one 3520 ) is applicable if , and only if, the amounts come from the same estate / trust or related entities.