Question

[Is FORM 3520 need?] NRA parents purchased an apartment in home country as gift to me

Forum|Forum|3 years ago
March 25, 2023
1 reply
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Hi,

I'm a resident alien for tax purposes. My parents, who are nonresident aliens and never lived in the U.S., purchased an apartment in my home country as a gift to me. The apartment is completely under my ownership, the purchase price exceeded $100k.

Since 3520 is not supported form by Turbotax, I talked with 2 CPAs and one of them had idea that we don't need to file 3520 for foreign real estates, while the other one believed we should report.

Hope to collect more thoughts here to double confirm. Many thanks!

M

MAK70

There really is no reason NOT to report; but if you do NOT report and you should have, it can affect many things including your status to stay in the U.S. (This is my opinion only.)