Hi Parag, my mom(non US national) passed away in Hong Kong, 2016. At that time my sister in Hong Kong inherited everything, (mainly the property), which I am kind of expected. I even have to sign some kind of "quit claim" declared I have relinquish all my rights to the property. Fast forward today, to my pleasant surprise, my sister in Hong Kong would like to gift me some large amount of money(like $USD 400k). I understand I have to file 3520, but is this inheritance or gift money? and I don't see any check box to indicate whether it is inheritance or gift in form 3520?
What kind of detailed description is required to report cash gift over $100K from a foreign person who is related to US citizen? I am referring to form 3520 Part IV ?
If I am an HUF karta/coparcener, do I have to submit Form 3520 or does the IRS consider HUF as a separate disregarded entity exempt from section 678 requirement?
THANK YOU!! You have explained this so well and alleviated all my fears about this form. I had a foreign gift bequest and had no clue had to complete this. So simple.
Hi, what if there is no space on section 54, there is only 3 lines. what if we need more? what do we do, should we just write the rest on another form 3520
Very informative video, thank you.
One question is in A. you click the INITIAL RETURN, not FINAL RETURN. Is there a reason to do that?
I have the same question. Did you figure that out? Can u share?
I just filed tax and forgot to file this form, how can I resubmit this?
What if the irs say they never got it? This is a form that must be mailed. What if they never send a receipt?
I didn't receive anything either, no notice whatsoever.
Hi Parag, my mom(non US national) passed away in Hong Kong, 2016. At that time my sister in Hong Kong inherited everything, (mainly the property), which I am kind of expected. I even have to sign some kind of "quit claim" declared I have relinquish all my rights to the property. Fast forward today, to my pleasant surprise, my sister in Hong Kong would like to gift me some large amount of money(like $USD 400k). I understand I have to file 3520, but is this inheritance or gift money? and I don't see any check box to indicate whether it is inheritance or gift in form 3520?
What kind of detailed description is required to report cash gift over $100K from a foreign person who is related to US citizen? I am referring to form 3520 Part IV ?
If I am an HUF karta/coparcener, do I have to submit Form 3520 or does the IRS consider HUF as a separate disregarded entity exempt from section 678 requirement?
THANK YOU!! You have explained this so well and alleviated all my fears about this form. I had a foreign gift bequest and had no clue had to complete this. So simple.
Very informative! Thank you so much!!!
What if it’s less than 100,000 usd
amount less than 100,000 USD, you don't have to report it.
Thank you, Sir!
very good video！
Hi, what if there is no space on section 54, there is only 3 lines. what if we need more? what do we do, should we just write the rest on another form 3520
Hi. Did you find the answer? I have the same question.
attach a form and write see attachments, you still need to fill the total amounts though
Thanks. Great video. And if it’s US status, no gift tax is needed?