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Old 03-11-2016, 07:26 PM
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Do I have to file a 3520

My wife, myself and my kids were gifted some money from my wife's uncle in Australia. The money was wired to 3 different savings accounts. Mine and each of my daughters UTMA savings accounts.. My wife and I received 60K and my kids received about 22K each. Im not sure if I need to file this form 3520. My wife and I didn?t receive a gift over 100K, but the total of all monies is about 104K. My understanding with the UTMA accounts, the money will be reported to the IRS using my kids tax IDs and not mine. Therefore I should not have to file the 3520. becuase I was only gifted 60K. Correct?



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Old 03-12-2016, 06:54 PM
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My wife, myself and my kids were gifted some money from my wife's uncle in Australia. The money was wired to 3 different savings accounts. Mine and each of my daughters UTMA savings accounts.. My wife and I received 60K and my kids received about 22K each. Im not sure if I need to file this form 3520. My wife and I didn?t receive a gift over 100K, but the total of all monies is about 104K. ==========>then you need to file f3520 due on the date that your income tax return is due;as you received Gifts / bequests valued at more than $100k from a nonresident alien individual, f3520 is needed to be filed ; You need to aggregate gifts received from an alien. Say,, if you receive $7k from nonresident alien A and $40k from nonresident alien B, then, you must report the gifts because the total is more than $100k. you need to report them in Part IV of Form 3520.

\My understanding with the UTMA accounts, the money will be reported to the IRS using my kids tax IDs and not mine. Therefore I should not have to file the 3520. becuase I was only gifted 60K. Correct?===correct. As form 709, form 3520 is each recipient basis. I guess it depends; TheUTMA allows the donor of the gift to transfer title to a custodian who will manage and invest the property until the minor reaches a certain age, generally 21, but is different in some states ,usually 18.



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Old 03-12-2016, 09:07 PM
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Thank You for taking the time to reply to my question Wnhough. I am a little confused by your answer. According to my bank the 22K for each child was reported to the IRS using their tax IDs. The 60K was reported to the IRS using my tax ID (me and my wife). Since the money was reported under 3 different IDs, with none of the amounts going over 100K wouldnt that mean I dont have to file a 3520? Yes the total of all the money is 104K, but since its not all reported under 1 tax ID (mine), I would guess (as a layman) that Im not responsible for filing that form.



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Old 03-12-2016, 09:13 PM
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Quote:
Originally Posted by tmtrue View Post
Thank You for taking the time to reply to my question Wnhough. I am a little confused by your answer. According to my bank the 22K for each child was reported to the IRS using their tax IDs. The 60K was reported to the IRS using my tax ID (me and my wife). Since the money was reported under 3 different IDs, with none of the amounts going over 100K wouldnt that mean I dont have to file a 3520? Yes the total of all the money is 104K, but since its not all reported under 1 tax ID (mine), I would guess (as a layman) that Im not responsible for filing that form.
that 's what i am saying;plz read the 2nd answe above you donot need thef 3520 as mentioned above; as you actually received leaa than $100K



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Old 03-12-2016, 09:30 PM
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Thank You.



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