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I was unaware of requirement to file Form 3520. I received…

Hello:I was unaware of requirement...
Hello:I was unaware of requirement to file Form 3520. I received cash gifts from foreign persons (parents) in 2016. I have not been contacted by IRS; have no previous under or unreported tax liabilities.
What particular statements should I include with form 3520 about late submission? I am of course hoping to have no penalty assessed.
Thanks.
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Answered in 2 minutes by:
9/18/2017
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,375
Experience: 15years with H & R Block. Divisional leader, Instructor
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Customer reply replied 11 months ago
Ok, thanks.

It is best to declare the gift yourself and not wait to see if the IRS contacts you. If this had not been a gift from your parents them the penalty would be assessed but as it comes from your parents and not a foreign source that would be a trust or possible income from business.

You always hear about the penalties but these are for not reporting from trusts and not gifts from parents.

File the form and attach your statement about the gift coming from your parents.

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Customer reply replied 11 months ago
Thanks very much. Yes, I am not waiting for IRS to contact me, and I want to mail this off asap before they contact me. I will attache the statement as you recommend. Thanks, ***** ***** very helpful.

You are most welcome

A positive 5 star rating is appreciated so I am credited for assisting.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,375
Experience: 15years with H & R Block. Divisional leader, Instructor
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