Jason...thank you ! I knew this should be a simple process with a foreign inheritance of cash but I got all tangled up in the forms. You explained and demonstrated that it was as simple as I felt it should be.... THANK YOU !!!
Agree! BTW- Do you know if the foreign inheritance of cash is taxed by US ? or just by filing this form it will be tax free? Just starting to scratch the surface of this situation.
@@JasonDKnott Only question I have - why should we tick 'initial return', even though the IRS instruction implies it's only for those reporting Trusts ? Again, much appreciation for the video - i spent days looking for something like this, everybody else just keeps talking about huge penalties, no value added
Jason, if my wife and I are filing a joint 1040, and she received a gift from a nonresident alien, do we need to file a joint 3520? Or should she only file a 3520. Part of this gift will be reported on 8938.
Hello Jason, does the limitation of $100k applies to each individual or if we married filing jointly it means each individual can rec up to $100k to avoid filing requirement but total of both can be more than $100k?
Great! But if his uncle would have also (in addition to the cash) gifted Adam Taxpayer $700 in Amex stock. Does Adam need to disclose the stock gift in Part IV 54? Even if it's below $5000?
Jason...thank you ! I knew this should be a simple process with a foreign inheritance of cash but I got all tangled up in the forms. You explained and demonstrated that it was as simple as I felt it should be.... THANK YOU !!!
Agree! BTW- Do you know if the foreign inheritance of cash is taxed by US ? or just by filing this form it will be tax free? Just starting to scratch the surface of this situation.
What would be the title for the signer? Thanking you in advance.
Thank you! This is super helpful
Glad it was helpful!
@@JasonDKnott Only question I have - why should we tick 'initial return', even though the IRS instruction implies it's only for those reporting Trusts ? Again, much appreciation for the video - i spent days looking for something like this, everybody else just keeps talking about huge penalties, no value added
Helpful information. Thank you!
Jason, if my wife and I are filing a joint 1040, and she received a gift from a nonresident alien, do we need to file a joint 3520? Or should she only file a 3520. Part of this gift will be reported on 8938.
Very helpful, thank you
Glad it was helpful!
How come you checked initial return vs final return for box A?
Great info, thank you.
Glad it was helpful!
Hello Jason, does the limitation of $100k applies to each individual or if we married filing jointly it means each individual can rec up to $100k to avoid filing requirement but total of both can be more than $100k?
Hi, thank you for the video. I have a question: what if this form 3520 did not file before 4/15? Will it trigger an audit review or 5% penalty?
Great! But if his uncle would have also (in addition to the cash) gifted Adam Taxpayer $700 in Amex stock. Does Adam need to disclose the stock gift in Part IV 54? Even if it's below $5000?
Jason, It's helpful.. One more question-Should I attach my Form 1040 when I mail form 3520 to IRS ? Thank you.
Hi Jason, If I file a joint 1040 return do I need to include the gift amount included in form 3520 in my tax return?