Question

Form 3520 or Form709

Forum|Forum|2 years ago
April 9, 2024
1 reply
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Form 3520

Hi, I have similar questions:

I am a US citizen. In year 2023, I received two cash gifts from my parents. Each of them sent me $45, and $35k respectively. Total of $80k which is less than $100k.

1) Do I still need to file Form 3520?
2) My parents are US permanent residents (green cards holders). Are they considered “foreigners “ categorized in Form 3520?

3) What about Form 709? Do they need to file Form 709?

Thank you so much.

Shanoon

SusanY1

Since the gift was under $100,000 you do not need to file a Form 3520. Since the gift was over the annual exclusion amount for gift tax purposes and your parents are permanent residents, they do need to file a Form 709 to declare the gifts.

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S

Shannon03Author

Thank you Susan for your answer.

Do they need to file Form 709 separately o does Form 709 can combine both of them together? See attached please.

Thank you so much Susan.

SusanY1

They will each file a separate Form 709, listing the other as consenting in the section that you circled in your attachment. It is then best to mail them together in the same envelope so that they are processed properly.

You will find a bit more detail on the process HERE, but feel free to return with additional questions!

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