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? |