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Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
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Experience:  Nearly 30 years of varied tax industry exp. Tax Biz owner
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Hi, I will be receiving a financial gift from a foreign

Customer Question

Hi,

I will be receiving a financial gift from a foreign country, (from a person, not a trust or company, who is not a us citizen). Gift is larger then 100K so it definitely qualifies to be reported to IRS on Form 3520.

Since im currently in Europe, and will be returning back to the states in couple weeks, I was wondering what documentation is needed (if any) to be attached to Form 3520?

Do i need any statements (bank or notarized) signed by the person who is giving this gift?

I wanna make sure to bring all needed documentation so i dont make another trip in case my signature is needed.

Thanks
Submitted: 1 year ago.
Category: Tax
Expert:  Tax.appeal.168 replied 1 year ago.
Welcome. Thank you for choosing us to assist you. My name is XXXXX XXXXX my goal is to help make your life, a little... less taxing.

Q: Do i need any statements (bank or notarized) signed by the person who is giving this gift?

A: No, you do not have to attach a notarized statement of the bank draft, or any other document to the Form 3520. Follow the steps below.

File Form 3520 separately from your income tax return. The due date for filing Form 3520 is the same as the due date for filing your annual income tax return, including extensions. You file an annual Form 3520 for all reportable foreign gifts and bequests you receive during the taxable year. See the Instructions for Form 3520 for additional information.

REFERENCE SOURCE:

http://www.irs.gov/Businesses/Gifts-from-Foreign-Person

Please let me know if I can be of further assistance to you regarding this matter.

Thank you again for choosing this Q&A service for assistance.
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 2566
Experience: Nearly 30 years of varied tax industry exp. Tax Biz owner
Tax.appeal.168 and 3 other Tax Specialists are ready to help you
Customer: replied 1 year ago.

can i ask another question, this is tdf90 related?

Expert:  Tax.appeal.168 replied 1 year ago.
Yes, but technically since the 2nd question relates to a different subject matter of the first question, it should be asked under a separate thread, but what is the question? I can possibly assist you. Respectively, please remember to positively rate my answer to your initial question so that I may receive credit for assisting you with it.

One more note relating to your initial question, even though it is not required to have documentation showing that the money that you will be receiving is a gift, it is good to have a paper trail in the even that you are every audited or questioned regarding the funds.

What is your question regarding the TDF90-22.1?

Customer: replied 1 year ago.

I've taken some money out to international bank 4 years ago but i never filed tdf90 (wasnt aware of the law). Now, i want to return all the money in the states. Do i still have to file tdf90 for those 4 years, even after i return all my money to the states and no money are left in foreign bank?

Expert:  Tax.appeal.168 replied 1 year ago.
Hello again,

Thank you for the high positive rating.

Q: Do i still have to file tdf90 for those 4 years, even after I return all my money to the states and no money are left in foreign bank?

A: Based on my understanding of the IRS rules, I wold say yes, you do need to file a FBAR TDF90-22.1 for the 4 years that your accounts had aggregate balances of $10,000 or more. SEE BELOW:

Who Must File an FBAR. A United States person that has a financial
interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year. See General Definitions, to determine who is a United States person.

---------------------------------

If a person is required to file FBARs retroactively, they only have to file them for the last six years.

REFERENCE SOURCE:

http://www.taxwarriors.com/blog/bid/129567/New-IRS-International-Filing-Requirements-FBAR-Still-Required

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