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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15590
Experience:  15years with H & R Block. Divisional leader, Instructor
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I have a question related to form 3520.... My wife, who

Resolved Question:

I have a question related to form 3520....

My wife, who is an American citizen, had an Ecuadorian grandmother that died in 2007. Apparently my wife is to receive an inheritance in the form of a wire transfer in the next month for about $85,000. Does she need to fill out form 3520? What information, if any, does she need from Ecuador? Thank you for your time.
Submitted: 5 years ago.
Category: Tax
Expert:  Robin D. replied 5 years ago.

Robin D :

Hello and thank you for using Just Answer
Your wife would need to file the 3520 if the amount were over $100,000. As it is not the form is not needed.

Robin D :

She may need to file the 90-22.1 if an account is in the foreign country under her name with the money in the foreign account prior to the transfer

Robin D :

I hope this information is helpful

Customer: Would this money received be treated as income?
Robin D :


Robin D :

The gift or inheritance will not be taxable to your wife.

Robin D :

Cash inheritance and gifts are not taxable to the receiver

Customer: So basically, since the amount is less than $100,000 no reporting of any kind is needed
Robin D :

Correct, with the exception I noted earlier

Robin D :

If the money is placed in an account under your wife's name, 90-22.1 will be required

Customer: Thank you for your help.
Robin D :

You are welcome

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