Form 3520

Forum|Forum|1 year ago
April 10, 2025
1 reply
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Hi,

I have two questions regarding form 3520:

I received two wire transfers within a month from each other summing up more than 100k from same foreign non-US person.

1) Can I add them together and write the total aggregated amount as one gift in part IV, section 54? or should I separately list each gift?

2) Should I write the total amount in the "FMV of property received" section in column c (even if it was cash) or just simply in the description (column b)?

Thank you for your time and assistance.

pk12_2

Employee

@szbusiness65 ,

(a) if the gifts received were from the same NRA and in the same tax year, then yes , you can total up the amount and report as one line item.

(b) the value of the gift is the dollar value ( FMV ) of the asset. Note that FMV of the asset is only for threshold purposes --- a non-cash gift's basis to you is the same as that of the donor ( which you will need when computing gain/loss at disposal time ).

Does this make sense ?

szbusiness65Author

Thanks so much, yes it makes sense. I guess my only clarification is that, since the wire transfer was in cash with a certain amount, do I still put that wire amount directly into FMV 54(c) column?

Thanks again!