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If you are a U.S. person (other than an organization described in section 501(c) and exempt from tax under section 501(a) of the Internal Revenue Code) who received a large gift or bequest from a foreign person, you may need to complete Part IV of Form 3520, Annual Return to Report Transactions with Foreign Trusts and ...
You're only required to file this form if you received: A gift of more than $100,000 from a foreign person or estate. A gift of more than $15,601 from a foreign partnership or corporation.
Form 352 0 can be filed electronically through a tax return preparation program. Otherwise, Form 352 0 must be printed and paper-filed. Does Gift Tax Apply in Form 352 0 ?
U.S. persons (and executors of estates of U.S. decedents) file Form 3520 to report: Certain transactions with foreign trusts. Ownership of foreign trusts under the rules of sections Internal Revenue Code 671 through 679. Receipt of certain large gifts or bequests from certain foreign persons.
For example, trusts are created when performing estate planning to ensure the assets get distributed properly to the named beneficiaries upon the death of the owner. However, a grantor trust is any trust in which the grantor or owner retains the power to control or direct income or assets within the trust.