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For the purpose of IRS form 3520 line 54 can an estate

account be a person 'related...
For the purpose of IRS form 3520 line 54 can an estate account be a person 'related to' my brother? For example, if I received money from an estate account from my father in Canada as part of a will and then a separate gift from my brother also in Canada, do these gifts have to be 'aggregated'?
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Answered in 1 minute by:
10/16/2017
Robin D.
Robin D., Senior Tax Advisor 4
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To calculate the threshold amount ($100,000), you must aggregate gifts from different foreign nonresident aliens and foreign estates if you know (or have reason to know) that those persons are related to each other. Yes those are related.

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Customer reply replied 1 month ago
Is a dual citizen who is not a US resident but resides abroad a 'foreign person' or not? Ie in this case my brother giving me a gift would it need to be included on the section IV of form 3520?

If he is not a US citizen or resident lien then those would be reported. If he is a US citizen then no, he would report the gift on his final return filing date.

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