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Form 3520 for St. Petersburg Florida: What You Should Know
About Taxable and Non-Taxable Income, for Tax Year Ending. Form 3520 is also used to report gifts to foreign trusts (FID's and IRAs) from non-U.S. owners. As a general rule, the amount reported on Form 5471 (Gifts To Relatives And Beneficiaries) should be reduced by any fair market value of the gift. If the amount is 75 or more, it is considered a taxable gift. Form 3520 is updated annually, and it is required when an FID or IRA has more than one U.S. holder and at least one FID or IRA that is not a U.S. holder is owned by an FID or IRA with a U.S.
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