Each of my parent (both are NRA) give me gift of $50k so since they are related the total reaches $100k.
So my first question will be that do I file one 3520 with both transactions listed or two separate 3520 and if have to be 2 forms can I mail them together in one envelope ?
Then both transactions are wire transfer of cash from foreign person , so I only need to fill part IV right ?
Although I will be filing tax return jointly with my wife , the 3520 form is not jointly as both transactions were from my parent is that correct ?
Do I need to attach any notice or receipt from bank?
Thanks
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One. The gifts are in the aggregate.
Threshold question: Is the gift exactly $100,000 or more than $100,000?
You would need to file Form 3520 in the event of the latter.
See https://www.irs.gov/instructions/i3520#en_US_2022_publink1000190314
It's exatly $100,000. But I heard that it will be safer file even if it is near the threshold .
In case I want to file , do I need to file 1 with both or 2 separate ?
Thanks
One. The gifts are in the aggregate.
Thanks for the helpful answers.
What if my wife and I receive gifts from say, 3 unrelated foreign citizens, $50k each. So the total is $150k, but from 3 separate unrelated transactions. Does that trigger 3520 requirements?
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