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This version of the form is not currently in use and is provided for reference only. Download this version of
IRS Form 3520
for the current year.
IRS Form 3520 Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts
What Is IRS Form 3520?
This is a tax form that was released by the Internal Revenue Service (IRS) - a subdivision of the U.S. Department of the Treasury. Check the official IRS-issued instructions before completing and submitting the form.
FAQ
Q: What is IRS Form 3520?
A: IRS Form 3520 is an annual return that reports transactions with foreign trusts and the receipt of certain foreign gifts.
Q: Who needs to file IRS Form 3520?
A: US persons who have received certain foreign gifts or have had transactions with foreign trusts during the tax year may need to file IRS Form 3520.
Q: What are foreign trusts?
A: Foreign trusts are legal arrangements established outside the United States, in which US persons are involved as grantors, recipients, or beneficiaries.
Q: What are examples of reportable transactions with foreign trusts?
A: Examples of reportable transactions with foreign trusts include transfers of property to a foreign trust, distributions from a foreign trust, and contributions to a foreign trust.
Q: What are certain foreign gifts?
A: Certain foreign gifts include gifts or bequests from non-US individuals or entities, whose total value exceeds a specified threshold.
Q: What is the purpose of filing IRS Form 3520?
A: The purpose of filing IRS Form 3520 is to provide the IRS with information about transactions with foreign trusts and the receipt of certain foreign gifts, in order to ensure compliance with tax laws.
Q: Are there any penalties for not filing IRS Form 3520?
A: Yes, there can be significant penalties for not properly filing IRS Form 3520, including monetary penalties and potential criminal penalties.
Q: When is the deadline for filing IRS Form 3520?
A: The deadline for filing IRS Form 3520 is generally the same as the taxpayer's income tax return filing deadline, including extensions.
Form Details:
- A 6-page form available for download in PDF;
- This form cannot be used to file taxes for the current year. Choose a more recent version to file for the current tax year;
- Editable, printable, and free;
- Fill out the form in our online filing application.
Download a fillable version of IRS Form 3520 through the link below or browse more documents in our library of IRS Forms.
Download IRS Form 3520 Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts
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