3520 Form 2023-2024

3520 2024 Form: What You Should Know

Filed under: How to Report a Foreign Gift, Trust, and Inheritance to the IRS if the Trust is a Non-Exempt Foreign Individual Form 3520 (2022) You must file a Form 2552 (Report of Foreign Bank and Financial Accounts) and attach a copy to this form. If you file form 2552 by checking a box on the form, include a copy of the form with each Form 3520. Please refer to IRS Form 2552, Report of Foreign Bank and Financial Accounts, for additional information. Form 3520 (2023): How to Report a Foreign Gift, Inheritance, and Trust Distribution to the IRS if the Trust is a Non-Exempt Foreign Individual File the Form 3520 (2022) or Form 2552 (Report of Foreign Bank and Financial Accounts) (including supporting schedules) for each foreign trust that you expect to file a Form 709. If necessary, file Form 709 (IRS 709) and attach a copy to this form. Please refer to IRS Form 709, Statement of Transfers of Foreign Assets and Interests, for additional information. Include a copy of all supporting schedules with the Form 3520 or Form 2552 for each foreign trust. To report a trust under which you receive income (or gain) or receive some foreign exchange, you must file Form 709. If applicable, you must also attach a statement of the transfer and the exchange agreement to this form. Please refer to IRS Form 709, Statement of All Foreign Gifts and the Statement of All Unreported Foreign Income and Expenses to the IRS for additional information. The Trustee: The Trustee is an individual, corporation, partnership, estate, trust or other legal entity. To report a Trustee receiving income from a foreign trust or receiving income from the distribution of an inherited foreign trust, contact the IRS. To request a copy of the Trustee's Filing Agreement for a foreign entity or a copy of the Trustee's election to be treated as a foreign trustee, see IRS Publication 968, Trustees (Filing Information). Note: You cannot choose to be treated as a foreign trustee of a foreign trust in your tax return for tax year 2024 or 2024 tax year. See Publication 970, How to Handle Trusts & Estates in an Emergency, for possible consequences of failing to choose to be treated as a foreign trustee under Form 8832.

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