Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

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

Show More
Show Less
Ask Your Own Tax Question
Customer reply replied 1 month 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 1 month ago
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call.
Answered in 30 minutes by:
3/8/2018
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,811
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

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

Ask Your Own Tax Question
Customer reply replied 1 month 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.

Ask Your Own Tax Question
Customer reply replied 1 month 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 1 month 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: 5,811
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified
Barbara and 87 other Tax Specialists are ready to help you
Ask your own question now
Customer reply replied 1 month ago
Thanks again. Have a wonderful day!

My pleasure.

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

Ask Your Own Tax Question
Was this answer helpful?
Ask Barbara Your Own Question
Barbara
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,811
5,811 Satisfied Customers
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

Barbara is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I am looking at form 3520 and a foreign individual gave me a
Hi, I am looking at form 3520 and a foreign individual gave me a gift, … read more
Barbara
Barbara
Enrolled Agent
5,811 satisfied customers
I have a question on Form 3520 and cost basis of inherited
I have a question on Form 3520 and cost basis of inherited foreign property … read more
Barbara
Barbara
Enrolled Agent
5,811 satisfied customers
Client had been a foreign student but then married a US
Client had been a foreign student but then married a US permanent resident but received a 1042-S. Because she is no longer a nonresident alien can we claim this income in another place on the 1040 and… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Wanted to know about foreign tax. I filed tax return in
I filed tax return in India do I need to show India income in fbar form only or do I need to pay tax of foreign income … read more
Dr Arthur Rubin
Dr Arthur Rubin
Doctoral Degree
24 satisfied customers
I just would like to know if Form 3520 is the correct form
Hello. I just would like to know if Form 3520 is the correct form to file when a foreign person from abroad sends gift money over $100,000 to a US Family Trust with US beneficiaries. … read more
Barbara
Barbara
Enrolled Agent
5,811 satisfied customers
I filed form 3520 for cash gifts from Taiwan, will I ever
I filed form 3520 for cash gifts from Taiwan, will I ever have to pay tax on these gifts? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Section 962 election A US individual owns a foreign
Section 962 election A US individual owns a foreign corporation which generates GILTI income. Can the US individual make a section 962 election (to be taxed at corporate rates) and therefore pay only … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
I am a us citizen and married a foreigner in a foreign
I am a us citizen and married a foreigner in a foreign country. How should I file taxes, married filing separate? … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
938 satisfied customers
You had answered my last question about filling up Form 3520
Second opinion] Hi Barbara, you had answered my last question about filling up Form 3520 in case of transferring more than $100K to our son who is a student in USA. The follow up question is that the … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
You had answered my last question about filling up Form 3520
Hi Barbara, you had answered my last question about filling up Form 3520 in case of transferring more than $100K to our son who is a student in USA. The follow up question is that the Form 3520 curren… read more
Barbara
Barbara
Enrolled Agent
5,811 satisfied customers
Foreign Corporation / US Tax Issue: Say I am a US person
Foreign Corporation / US Tax Issue:Say I am a US person living in New Zealand exclusively as of a few years ago, with no physical presence in the US. I operate as an independent contractor consultant … read more
Barbara
Barbara
Enrolled Agent
5,811 satisfied customers
Taxmanrog: Must a foreign individual owned single-member LLC
Customer Must a foreign individual owned single-member LLC (formed several years ago before 2017) file Form 5472 under the new tax law effective 1/1/2017?… read more
taxmanrog
taxmanrog
Master\u0027s Degree
909 satisfied customers
A foreign individual is a member of a US LLC. Are there any
A foreign individual is a member of a US LLC. Are there any extra requirements for filing when it comes to the partnership return?… read more
Barbara
Barbara
Enrolled Agent
5,811 satisfied customers
For the purpose of IRS form 3520 line 54 can an estate
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 a… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Help with Form 3520. Form 3520 - Need to know what line
Form 3520 - Need to know what line items to fill for having received a cash gift from a foreign citizen … read more
Barbara
Barbara
Enrolled Agent
5,811 satisfied customers
Form 3520- Received a bequest from a foreign Estate. Besides
Form 3520- Received a bequest from a foreign Estate. Besides my personal info, what other info, if any, goes on page 1 … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
I was unaware of requirement to file Form 3520. I received
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 liabiliti… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Is not knowing you need to file a form 3520 for foreign
Is not knowing you need to file a form 3520 for foreign gifts enough to establish reasonable cause? Plan to voluntarily disclose after finding out the requirement. I did my taxes myself on Turbo Tax, … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,294 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x