Hi guys Andrew Schwartz here to discuss how to report a foreign gift or inheritance of more than $100,000 in a calendar year if you are fortunate enough to receive a gift or inheritance of more than $100,000 from a foreign person. You need to report that gift or inheritance to the IRS this is just a reporting requirement. They should generally be no US taxes due failure to report the gift or inheritance can be quite costly. The failure to file penalty is a 5 percent per month penalty based on the value of the gift or inheritance after 5 months. The IRS rules are reasonably straightforward. Any US person who receives a hundred thousand dollars or more in a calendar year from a foreign person or state must file a Form 35:20. Gifts from foreign people who are related persons need to be lumped together. The instructions to find a US person as a citizen or resident alien of the United States reporting the foreign gift or inheritance isn't very difficult at all. Start by completing the identifying information on page 1 of the 35:20. Then jump to the end of the form and complete part 4 which asks you to report the date of the gift, a description of the gifts received, and the fair market value of the gift. Please note that the due date of filing the 3520 is April 15th following the calendar year that you receive the gift. You can extend this due date to October 15th by filing an extension form 4868 for your personal tax return. By April 15th, please make sure to read the instructions for the form 35 20 very carefully. You can find instructions at IRS.gov. You might consider getting the help of a tax professional as well....
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How to prepare Form 3520
About Form 3520
Form 3520 is a tax form used to report certain types of foreign gifts, inheritances, and trusts. This form is required to be filed by US taxpayers who receive sizable gifts or inheritances from foreign individuals or trusts during the tax year. It is also required for US taxpayers who are beneficiaries of foreign trusts or who create foreign trusts themselves. Failure to file this form can result in substantial penalties.
What Is Form 3520?
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