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March 9, 2021
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3520 Box A

  • March 9, 2021
  • 2 replies
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Filing 3520 form for foreign gifts, very straight forward, stuck on the first part only:

 

Box A  - Check  appropriate boxes, initial return, final return or ammended; 

 

In my case, i received gift from nonresident. I checked the instruction from IRS for this form. they only say for foreign trust identified.

"Initial return. If this is the initial return you are filing concerning the foreign trust identified, check the “Initial return” box." 

"Final return. If no further returns for transactions with the foreign trust are required, check the “Final return” box.
Example. If you annually filed Form 3520 and completed Part II because you were the owner of the trust for U.S. income tax purposes and the trust has terminated within the tax year, that year's return would be a final return with respect to that foreign trust."

 


Do I need to leave these box for blank? one  said I need check the initial box.  Others say, to select final? Which one of the three is correct - blank, initial or final?

 

I would appreciate for advice from people who have completed such forms in the past or are aware of this question. Thanks in advacne.

    Best answer by MinhT1

    Item A should be filled only if the filing entity is a trust.

     

    If you file as an individual, then leave all boxes in item A blank and check the box Individual in Item B.

    2 replies

    MinhT1Answer
    March 9, 2021

    Item A should be filled only if the filing entity is a trust.

     

    If you file as an individual, then leave all boxes in item A blank and check the box Individual in Item B.

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    March 9, 2021

    Thanks!!! Great response

    March 22, 2021

    Hello, need some help finishing form 3520. I received more than 100k total from two related non-citizen individuals.

    On the page 1, I only

    • check Box B,
    • check "you are a U.S person who, during the current tax year, received certain gifts..... Complet all applicable identifying information requested below and Par IV of the form."
    • Filled in my personal info on page 1. 

    On the page 6, item 54

    • I checked Yes
    • Filled in (a)(b)(c)

    Do I need to fill in anything else? the gifts were not from any trust and corp. 

     

    Thank you very much.  

    ReneeM7122
    March 26, 2021

    No, you don't need to fill in anything else.  Here is more information about Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts.

     

    U.S. persons (and executors of estates of U.S. decedents) file Form 3520 to report:

    • Certain transactions with foreign trusts.
    • Ownership of foreign trusts under the rules of sections Internal Revenue Code 671 through 679.
    • Receipt of certain large gifts or bequests from certain foreign persons.

    @iping22

    March 26, 2021

    Thank you!