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I am trying to fill out a form 3520. My wife received money…

I am trying to...

I am trying to fill out a form 3520

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

My wife received money from her parents who live in Vietnam and were not US residents its is around 577k

Accountant's Assistant: Is there anything else the Accountant should be aware of?

Im just not sure what to put in the form in lines 2a-g

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Customer reply replied 5 months ago
far I have filled the form 3520 to the best of my ability but I am unsure what information I need to put in lines 2a-2g. Are my parents names the ones in the foreign trust? Also what information is needed for Part IV? I assume that is the only other section I need to do.
Customer reply replied 5 months ago
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call.
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Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,676
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Do your parents have a trust or did they simply gift you the money themselves?

If there is no trust, Lines 2a-g do not get completed.

You would only enter information in Part IV since it is a gift from foreign individuals to you.

(a) would be the date of the gift

(b) would be cash

(c) the amount

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 5 months ago
Thank you for the quick response. Some final questions are if line A is just "Final Return" and also in Title on the Signature portion if I need to put anything there?

Have you ever completed Form 3520? If not, check "Initial Return."

Leave the Title section blank.

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Customer reply replied 5 months ago
Alright you have definitely given the answers I needed. I truly appreciate your help. To confirm, I do not need to disclose my parents names?
Customer reply replied 5 months ago
Alright you have definitely given the answers I needed. I truly appreciate your help. To confirm, I do not need to disclose my parents names? Since they did not use a trust.

You do not disclose your parents' names.

My goal is to provide you with excellent service. Please take a moment to rate my answer with a 5-star rating to let me know that I have achieved my goal.

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,676
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Barbara and 87 other Tax Specialists are ready to help you
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Customer reply replied 5 months ago
Thanks again. Have a wonderful day!

My pleasure.

Thank YOU for the positive rating of my answer. It is very much appreciated.

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