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I have recieved 2 cash gifts from my mother (foreign citizen

I have recieved 2...
I have recieved 2 cash gifts from my mother (foreign citizen in Europe) last year amounting to approx 72k USD. In addition, that same year I received inheritance (foreign real estate property) valued at about 21k USD (using exchange rates as published by US treasury). Total is less than 100 k USD. Do I have to file the form 3520 with the tax return. Would it be prudent to file even if the total value of gifts and inheritance for that year is less then 100k USD ?
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Answered in 1 minute by:
10/4/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,592
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Verified

Megan C :

Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.

Megan C :

How are you today?

Megan C :

As your gifts are under $100,000 there is no requirement to file form 3520.

Megan C :

You would not be required to file this form.

Megan C :

There's no real reason to file the form anyways, because it is not required

Customer:

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 ?

Megan C :

Yes, the inhertiance would be reported if it were greater than $100,000

Customer:

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.

Megan C :

That is correct

Megan C :

if the inheritance and gift are less than $100,000 no need to file

Customer:

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.

Megan C :

Use the exchange rate published by the treasury at the end of the year.

Customer:

OK. Thank you.

Megan C :

Is there anything else you need assistance with?

Megan C :

If not, please take a moment to rate my response as "excellent" so that I may receive credit for assisting you today

Customer:

I think this is OK. I understand in my case I will not file the 3520 form then.

Megan C :

That is correct. Is there anything else I can assist you with?

Customer:

thats all thank you.

Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,592
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Verified
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Thanks Piotr for your positive rating. Please come back and visit me any time you need a question answered. It was a pleasure working with you today.
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Customer reply replied 4 years ago

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 ?


 

I'm not sure about how that works but I can forward your question to customer service. Thanks.
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Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,592
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Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

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