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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13317
Experience:  15years with H & R Block. Divisional leader, Instructor
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I am a Non Resident Alien F1 student in the US and my

Customer Question

Hi,
I am a Non Resident Alien F1 student in the US and my parents (also Non Resident Alien) wish to wire me a huge amount of money (over 200,000) as down payment for buying house.
Now, I understand I need to file Form 3520 to IRS for this one-time transfer. My question is do I need to file this prior to the wire transfer or file with my tax refund next April.
Sheng
Submitted: 2 months ago.
Category: Tax
Expert:  Rick Martin replied 2 months ago.

Hi, I'm happy to help and will stay online for the duration of your question. I kindly ask that you give me a positive rating after I provide you with an answer if you are happy with my service. I'm available to answer any follow up questions.

Expert:  Rick Martin replied 2 months ago.

Form 3520 is due on the date that your income tax return is due, including extensions. It should be sent with all required attachments to:

Internal Revenue Service Center,

P.O. Box 409101, Ogden, UT 84409

Expert:  Rick Martin replied 2 months ago.

Thank you for this opportunity to serve you. I kindly ask that you give me a good rating if you are happy with my service. My 5 star rating is very important to me. I will remain online for a few moments to see if you have any follow up questions. -Rick

Expert:  Rick Martin replied 2 months ago.

Below are links to the instructions and form. If you have any other questions or need further help with this form, please ask for me. -Rick

https://www.irs.gov/pub/irs-pdf/f3520.pdf

https://www.irs.gov/pub/irs-pdf/i3520.pdf

Expert:  Robin D. replied 2 months ago.

Hello

I am a different expert. The first expert chose to opt out and sent your question back to the list.

A foreign gift is money or other property received by a U.S. person (citizen or resident alien) from a foreign person that the recipient treats as a gift or bequest and excludes from gross income.

A person files Form 3520 separately from their income tax return but the due date for filing Form 3520 is the same as the due date for filing an 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.

It is not filed before a gift is received.

Please let me know if you need clarification. If you do not then a positive 5 star rating is appreciated so I get credit for the response. (look for the STARS or SMILEY FACES)

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