Are penalties for late filing of a 3520 only applied to the amount over the initial $100,000 or does it include the $100,000 plus any amount above that?
Thanks for the info. I received a gift from a foreign person, however there is no place for me to put the name of that person in part 1. Does that mean I don't have to include the name?
Hi there :) Quick question: This year, I sent about $38k from my own (savings) account in the US to my own account in Europe. I hope this is not considered as a trust?? (its just a checking/savings account in Europe in my name with no interest) So basically, I have just moved my own savings to my own account in Europe. I'm gonna do my FBAR in 2024, but my question is: I don't need to report this transaction that I sent my own money to myself, right? Thanks.
Based on the info you provided, I don't believe this should be treated as a trust. However, I would need more info to say definitively. Also, it sounds like the only thing you need to do is report the funds in European account on your FBAR and Form 8938. But again, without more info about the transaction, I can't definitively what your reporting requirements are. If you'd like a more solid answer, please set up a consultation with me by emailing us at info@esquiregroup.com. Thanks!
@@esquiregroup thanks for you answer. Yes, I will report my FBAR, because I exceed $10k, but why should I report Form 8938 (FATCA) if I don't even have $40k in total in my European (foreign) bank? Isn't reporting threshold for FATCA (form 8938) $50.000 USD, right? I have never even reached $40k. I will not exceed $50.000 USD for sure at any point. The amount of money in foreign bank will just go down, not up :)
Depends on why you are filing it. I would need more info to determine if any attachments were required. Please contact me at info@esquiregroup.com to setup a consultation and I will be happy to advise you.
Hi, I am sending to irs form 3520, I got gift from my parents from overseas. I am required to fill out only page 1 and 6, do I have to send them all 6 pages of this form, or just page 1 and 6 that I fill out. Thank you
Are penalties for late filing of a 3520 only applied to the amount over the initial $100,000 or does it include the $100,000 plus any amount above that?
The penalty is assessed on the entire unreported amount.
Thanks for the info.
I received a gift from a foreign person, however there is no place for me to put the name of that person in part 1. Does that mean I don't have to include the name?
You are not required to list their name on the form.
Hi there :)
Quick question: This year, I sent about $38k from my own (savings) account in the US to my own account in Europe.
I hope this is not considered as a trust?? (its just a checking/savings account in Europe in my name with no interest)
So basically, I have just moved my own savings to my own account in Europe. I'm gonna do my FBAR in 2024,
but my question is: I don't need to report this transaction that I sent my own money to myself, right?
Thanks.
Based on the info you provided, I don't believe this should be treated as a trust. However, I would need more info to say definitively. Also, it sounds like the only thing you need to do is report the funds in European account on your FBAR and Form 8938. But again, without more info about the transaction, I can't definitively what your reporting requirements are. If you'd like a more solid answer, please set up a consultation with me by emailing us at info@esquiregroup.com. Thanks!
@@esquiregroup thanks for you answer.
Yes, I will report my FBAR, because I exceed $10k, but why should I report Form 8938 (FATCA) if I don't even have $40k in total in my European (foreign) bank?
Isn't reporting threshold for FATCA (form 8938) $50.000 USD, right?
I have never even reached $40k.
I will not exceed $50.000 USD for sure at any point. The amount of money in foreign bank will just go down, not up :)
Hi
Do I need any attachments for this form like transfer receipts or bank statements?
Depends on why you are filing it. I would need more info to determine if any attachments were required. Please contact me at info@esquiregroup.com to setup a consultation and I will be happy to advise you.
@@esquiregroup Email sent. Thank you
Hi, I am sending to irs form 3520, I got gift from my parents from overseas. I am required to fill out only page 1 and 6, do I have to send them all 6 pages of this form, or just page 1 and 6 that I fill out. Thank you
You need to send in the whole form.
@@esquiregroup thank you
Hello! Could you please show me how to fill out this form. I got gift form my parents overseas as well!🙏
We would be happy to prepare this form for you. You can engage us to do so by emailing us at info@esquiregroup.com.