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Forgot to file form 3520
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During 2011, I received several gifts of money from an overseas relative (not a US resident or citizen). In each case, the money was wired to my US account from overseas, and was in excess of $100,000. I did not realize when I filed my 2011 taxes that I have to file form 3520 "Annual Return To...
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I am a living in US and a permanent resident. I have some land in a foreign country and planning to sell it. If I transfer the money to a US bank, do I need to pay tax in US?
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If a person receives a cash gift from an NRA before he himself becomes a resident, does he have to report that gift on the 3520 if he becomes a resident later that calendar year? I would think that this is a reportable event but not taxable?
Do non-resident aliens have to file form 3520
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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...
When to file Form 3520 versus Form 709
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Situation: Parents are helping daughter and son-in-law purchase a home. Parents live in Korea, mom is a US Citizen, father is a Korean Citizen and has never been a US Citizen. Parents are gifting $400,000 from their joint account in Korea. Daughter and son-in-law want to know the tax... View more questions Search
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