Understanding Form 3520 for Foreign Trusts and Gifts & Penalties

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[@80denver1]

THANK YOU!! You have explained this so well and alleviated all my fears about this form. I had a foreign gift bequest and had no clue had to complete this. So simple.

[@healthyandhappy88888]

Very informative! Thank you so much!!!

[@hyungpaik8950]

Very informative video, thank you.
One question is in A. you click the INITIAL RETURN, not FINAL RETURN. Is there a reason to do that?

[@harriusk4u]

I have the same question. Did you figure that out? Can u share?

[@jacgallo]

If I am an HUF karta/coparcener, do I have to submit Form 3520 or does the IRS consider HUF as a separate disregarded entity exempt from section 678 requirement?

[@phatbeaver]

Thanks. Great video. And if it’s US status, no gift tax is needed?

[@ChanChan-pg4wu]

Thank you, Sir!

[@BillChu-dk7hu]

Hi Parag, my mom(non US national) passed away in Hong Kong, 2016. At that time my sister in Hong Kong inherited everything, (mainly the property), which I am kind of expected. I even have to sign some kind of "quit claim" declared I have relinquish all my rights to the property. Fast forward today, to my pleasant surprise, my sister in Hong Kong would like to gift me some large amount of money(like $USD 400k). I understand I have to file 3520, but is this inheritance or gift money? and I don't see any check box to indicate whether it is inheritance or gift in form 3520?

[@jituvakharia8032]

What kind of detailed description is required to report cash gift over $100K from a foreign person who is related to US citizen? I am referring to form 3520 Part IV ?

[@m.b.8521]

What if the irs say they never got it? This is a form that must be mailed. What if they never send a receipt?

[@patrickwang9137]

I didn't receive anything either, no notice whatsoever.

[@cindypang6331]

I just filed tax and forgot to file this form, how can I resubmit this?

[@truthyasuo122]

Hi, what if there is no space on section 54, there is only 3 lines. what if we need more? what do we do, should we just write the rest on another form 3520

[@RegretfulSuccess]

Hi. Did you find the answer? I have the same question.

[@zyin7690]

attach a form and write see attachments, you still need to fill the total amounts though

[@shzlq1212]

very good video！

[@zilinli9455]

What if it’s less than 100,000 usd

[@juanfangyu3962]

amount less than 100,000 USD, you don't have to report it.