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    catam5's Avatar
    catam5 Posts: 1, Reputation: 1
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    #1

    May 20, 2010, 03:45 PM
    Do non-resident aliens have to file form 3520
    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's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #2

    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.
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