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This version of the form is not currently in use and is provided for reference only. Download this version of
Instructions for IRS Form 3520
for the current year.
Instructions for IRS Form 3520 Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts
This document contains official instructions for IRS Form 3520 , Annual Return to Foreign Trusts and Receipt of Certain Foreign Gifts - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 3520 is available for download through this link.
FAQ
Q: What is IRS Form 3520?
A: IRS Form 3520 is used to report transactions with foreign trusts and the receipt of certain foreign gifts.
Q: Who needs to file IRS Form 3520?
A: US residents who have engaged in transactions with foreign trusts or received gifts from foreign individuals or entities that exceed certain threshold amounts.
Q: What transactions are reported on IRS Form 3520?
A: Transactions such as contributions to foreign trusts, distributions from foreign trusts, loans involving foreign trusts, and more are reported on IRS Form 3520.
Q: Do I need to report gifts from foreign individuals or entities on IRS Form 3520?
A: Yes, if the total value of gifts received from foreign individuals or entities exceeds $100,000 in a tax year.
Q: What are the penalties for not filing IRS Form 3520?
A: The penalties for not filing IRS Form 3520 can be substantial and may include financial penalties or criminal charges, depending on the circumstances.
Q: When is the deadline to file IRS Form 3520?
A: IRS Form 3520 must generally be filed by the due date of your individual income tax return, including extensions (usually April 15).
Q: Can I e-file IRS Form 3520?
A: No, IRS Form 3520 cannot be e-filed and must be filed by mail to the designated IRS address.
Q: Do I need to attach any other documents with IRS Form 3520?
A: Yes, you may need to attach additional documents such as trust agreements, gift letters, or other supporting documentation, depending on your specific situation.
Instruction Details:
- This 15-page document is available for download in PDF;
- Not applicable for the current tax year. Choose a more recent version to file this year's taxes;
- Complete, printable, and free.
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Download Instructions for IRS Form 3520 Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts
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