Gift Reporting to the IRS Form 3520

When a U.S. Person receives a Gift from foreign person Individual or Business that exceeds the IRS reporting threshold, the U.S. person must file a Form 3520. The Form 3520 is due when the tax return is due to be filed — and is required  even if a tax return is not required to be filed.

The penalties for not reporting the form 3520 are steep. For gifts, the IRS tends to issue a penalty equivalent to 25% of the value of the Gift. The IRS has been regularly issuing these penalties on an IRS CP 15 Notice, and there is a  limited window of time to respond.

The Form 3520 is not just for foreign gifts, per se. It also include reporting certain distributions or ownership of a Foreign Trust. When a U.S. Person also have a foreign trust issue, there is usually an additional reporting requirement on Form 3520-A.

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