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Old 03-27-2015, 03:26 AM
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Smile For 3520

OK so i ve read that a gift from a foreign country resident exceeds 100k, then i must file 3520 form. So ok, lets say that i recieved 200k from my friend or something, then i file that form, and then what??? meaning is it going to be taxable? will irs take some of that? or its just a simple "letting you know that i got money as a gift" kind of thing?

everywhere i've read just says that i have to file that form, but does not say what next.



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Old 03-27-2015, 11:26 PM
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Originally Posted by taxnewbieYES View Post
OK so i ve read that a gift from a foreign country resident exceeds 100k, then i must file 3520 form. So ok, lets say that i recieved 200k from my friend or something, then i file that form, and then what??? meaning is it going to be taxable? will irs take some of that? or its just a simple "letting you know that i got money as a gift" kind of thing?

everywhere i've read just says that i have to file that form, but does not say what next.
OK so i ve read that a gift from a foreign country resident exceeds 100k, then i must file 3520 form. ========>>Correct;f3520 is just a n info return.

So ok, lets say that i recieved 200k from my friend or something, then i file that form, and then what??? =>That is it; as a recipient of the gift, you do not pay tax at all UNLESS you do not fil form 3520.

meaning is it going to be taxable? ===>>>>>>>.No

will irs take some of that?====>>>>>>>>>No as asid above

or its just a simple "letting you know that i got money as a gift" kind of thing? =====>.Correct just to inform them you got the gift money fromoverseas. Thsat is it.



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Old 03-28-2015, 02:24 AM
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Originally Posted by Wnhough View Post
OK so i ve read that a gift from a foreign country resident exceeds 100k, then i must file 3520 form. ========>>Correct;f3520 is just a n info return.

So ok, lets say that i recieved 200k from my friend or something, then i file that form, and then what??? =>That is it; as a recipient of the gift, you do not pay tax at all UNLESS you do not fil form 3520.

meaning is it going to be taxable? ===>>>>>>>.No

will irs take some of that?====>>>>>>>>>No as asid above

or its just a simple "letting you know that i got money as a gift" kind of thing? =====>.Correct just to inform them you got the gift money fromoverseas. Thsat is it.



Thank you very much for the straight answer!



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Old 09-30-2015, 10:19 PM
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form 3520

and if gift from foreign person (dad) is less than $100K/yr, then NO filing requirements and NO taxes due?
For example,. my dad owns house in US (hold in Revocable trust), he wants to transfer it to our family.. ,say, a latter each year: "Dear Son, I transfer to you and your beautiful wife each 10% of the house value (which is less than $75K to each person)"

--- so no obligation to IRS?



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Old 10-01-2015, 12:26 AM
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Originally Posted by rom299 View Post
and if gift from foreign person (dad) is less than $100K/yr, then NO filing requirements and NO taxes due?
For example,. my dad owns house in US (hold in Revocable trust), he wants to transfer it to our family.. ,say, a latter each year: "Dear Son, I transfer to you and your beautiful wife each 10% of the house value (which is less than $75K to each person)"

--- so no obligation to IRS?
NoUNLESS hte cumulative amt of the gift(s) of your dad is $5.43M for 2015; however, your dad NEEDS to fiel form 709 as the amt of the gift of $75K exceeds $14K, annual gift tax exclusion amt.



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Old 10-01-2015, 10:51 PM
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Originally Posted by Wnhough View Post
NoUNLESS hte cumulative amt of the gift(s) of your dad is $5.43M for 2015
he is non resident alien (foreigner). Is it still 5.4M exclusion? I think NO...

2) If he files form 709... does he owe the taxes to US gov? If he does not pay, they come after me?



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Old 10-02-2015, 12:39 AM
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Originally Posted by rom299 View Post
he is non resident alien (foreigner). Is it still 5.4M exclusion? I think NO...

2) If he files form 709... does he owe the taxes to US gov? If he does not pay, they come after me?
#1;then no; the exckusion is for US citizens .
#2) he as a non residnet alien DOES NOT need to file f709 either; He is NOT subject to any tax to US.



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