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View Full Version : Do non-resident aliens have to file form 3520


catam5
May 20, 2010, 03:45 PM
The facts: I am a non-resident alien (on a J visa) and want to receive a large funds transfer (>10k) from abroad into my US account.
Q1. Given the fact that I'm filing my taxes just like any US residents/citizens, do I have to file form 3520 for this transfer as a gift?
Q2. I noticed that there is a threshold of $100k that have to be reported, so what if my gift is less than that for the entire year?
Q3. Basically I need to know how these funds will be taxed by IRS when I file my taxes next year. Will they take a percentage of these funds or will they take a percentage of the interest I will earn only, or both?

Thanks so much for any relevant information regarding this issue

AtlantaTaxExpert
May 21, 2010, 10:48 AM
1) Form 3520 is used to report the transfer, NOT to report receipt of the money as a gift.

2) No gift tax is due to the giver and recipient are both non-resident aliens.

3) It will NOT be taxed, and you will NOT mention the money in your annual tax return.