Get IRS 3520 2012

In general, the due date for a U.S. person to file a Form 3520 is the 15th day of the 4th month following the end of the U.S. person's tax year.

While Form 3520 must be printed and paper filed, by mail (it cannot be e-filed), there is no reason that this should interfere with your regular income tax return preparation and filing. ... You can still use TurboTax to complete your personal income tax return.

You must sign and date the Form 3520. It is not to be filed with your personal tax return, Form 1040. Send Form 3520 to the Internal Revenue Service Center, P.O. Box 409101, Ogden, UT 84409.

Foreign citizens generally don't have liability for U.S. gift tax and therefore don't need to report gifts for those purposes. However, separate IRS regulations require recipients to report a foreign cash gift. IRS Form 3520 is required if you receive more than $100,000 from a nonresident alien or a foreign estate.

In general, Form 3520 is due on the date that your income tax return is due, including extensions. The Form 3520-A, in contrast, is required to be filed on or before March 15 of each year for the preceding year. The difference in the filing dates is confusing and a trap for the unwary.

As long as the decedent who transfers the asset by bequest or is neither a U.S. citizen nor a foreign national domiciled in the United States, no U.S. estate tax is imposed on the transfer. ... Also, the United States also does not impose an income tax on inheritances brought into the United States.

In general, Form 3520 is due on the date that your income tax return is due, including extensions. The Form 3520-A, in contrast, is required to be filed on or before March 15 of each year for the preceding year. The difference in the filing dates is confusing and a trap for the unwary.

Form 3520 a An Introduction. ... In brief, U.S. individuals may be required to include Form 3520 with their tax return if they are an owner or beneficiary of foreign trusts as well as a recipient of certain gifts from foreign individuals and corporations.

A foreign grantor trust with a U.S. owner must file a Form 3520-A, and it is generally filed by the trustee of the foreign trust.

What is a foreign trust? Generally, a trust is a structure in which legal title to property is transferred from the owner ("grantor") to another party ("trustee"), who will then administer the property for the benefit of a third party ("beneficiary").

Otherwise, you must file IRS Form 3520, the Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts. Tangible personal property, including real estate, is normally U.S. situs property, whereas many intangible assets, such as stock in foreign corporations, are not.

Otherwise, you must file IRS Form 3520, the Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts. Tangible personal property, including real estate, is normally U.S. situs property, whereas many intangible assets, such as stock in foreign corporations, are not.

As long as the decedent who transfers the asset by bequest or is neither a U.S. citizen nor a foreign national domiciled in the United States, no U.S. estate tax is imposed on the transfer. ... Also, the United States also does not impose an income tax on inheritances brought into the United States.

You DO need to declare any INCOME received from the estate on your tax return. The executors should have provided you with an IR form detailing it and the tax they paid on your behalf. Unless it took you into a higher tax bracket, there will be nothing more to pay.

The good news is, you won't actually owe taxes on the payments you receive from overseas, but you'll still need to report them. You'll need to file Form 3520 and report all overseas payments along with your other forms at tax time. Failure to do so could result in penalties.