Do I need to file Form 3520?
For money or property received from people outside the U.S. — parents wiring a down payment, an inheritance, a foreign company gift. Free, nothing stored.
Five questions. Form 3520 Part IV is only about gifts and inheritances you received from foreign persons. It is an information return: no tax is due on a gift.
For that year, you were a…
Who gave you the money?
What you get
FAQ
- Is a gift from my foreign parents taxable in the U.S.?
- No. A gift from a nonresident alien is not income to you and is not subject to U.S. gift tax. But if the total from related foreign persons exceeds $100,000 in a calendar year, you must report it on Form 3520, Part IV. The form is an information return — nothing is owed with it.
- Do gifts from my mother and father get added together?
- Yes. Gifts from related persons (parents, grandparents, siblings) are aggregated. Three wires of $40,000 each from two parents equal $120,000 and must be reported.
- I am an F-1 student. Do I file Form 3520?
- Usually not. F, J, M and Q students are exempt individuals for their first five calendar years, so they are typically nonresident aliens, and nonresident aliens do not file Part IV. After the exemption ends and you meet the substantial presence test, you do.
- When is Form 3520 due?
- The same day as your income tax return, including extensions: April 15, June 15 if you live abroad, or October 15 with a filed extension. It is mailed separately to the IRS in Ogden, Utah — it cannot be e-filed and is not attached to Form 1040.
- What is the penalty for filing Form 3520 late?
- 5% of the gift for each month the form is late, up to 25%, unless you show reasonable cause. Since late 2024 the IRS reviews a reasonable cause statement attached to the form before assessing a Part IV penalty.
- Does TurboTax file Form 3520?
- No. TurboTax, H&R Block consumer software and most DIY products do not support Form 3520. You complete the PDF yourself and mail it.
Form 3520 instructions in plain English · Mailing address and deadline