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As your gifts are under $100,000 there is no requirement to file form 3520.
You would not be required to file this form.
There's no real reason to file the form anyways, because it is not required
OK. Just to be clear does the inheritance (not gift) of foreign property or cash need to be reported on form 3520 if it was more than 100 k ?
Yes, the inhertiance would be reported if it were greater than $100,000
OK. In other words total inheritance and gift has to be below 100k and then 3520 does not need to be filed. I am sure it still is I will just double check that this is the case.
That is correct
if the inheritance and gift are less than $100,000 no need to file
OK. Do you use the exchange rate from the end of the year or the exact exchange rate when gift was given to determine the threshold ?. Us Treasury seems to publish only exchange rates per quarter.
Use the exchange rate published by the treasury at the end of the year.
OK. Thank you.
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I think this is OK. I understand in my case I will not file the 3520 form then.
That is correct. Is there anything else I can assist you with?
thats all thank you.
Thank you Megan. I a a bit confused about the plan. How many questions I can ask for free per month with subscription ? Why did it show 16$ right by the question ?