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Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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Filing a form 3520. If you inherit money from a parent who

Resolved Question:

Filing a form 3520. If you inherit money from a parent who lives in Australia, do you have to file a 3520 to report the receipt of the bequest? The amount received was $130,000
Submitted: 6 years ago.
Category: Tax
Expert:  Merlo replied 6 years ago.

Hello JA Customer,


If you are a US citizen or a resident of the US, then if you receive a foreign gift or foreign inheritance that exceeds $100,000 in one year, then you must report the receipt of that gift or inheritance by filing Form 3520 with the IRS. Part IV of that form is the only section you would need to complete.


There is no tax due with that form, as it is strictly for informational purposes. Filing the form 3520 is really for your own protection as you then have a clear record of reporting the source of this money.


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Thank you JA Customer



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