5 Key Facts About Form 3520 You Must Know (Foreign Gift, Trust, or Inheritance): Golding & Golding

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Back in 2019, Golding & Golding published an original article about the 5 facts Taxpayers should know about reporting Form 3520 -- and in 2024, we have updated that list based on the many Form 3520 cases we have handled over the years. While there are many different types of international tax reporting forms that a U.S. person may have to file each year to disclose their foreign accounts, assets, investments, and income to the Internal Revenue Service -- one of the most important tax forms to file is IRS Form 3520. Form 3520 is most commonly used by U.S. Persons to report large cash gifts they receive from foreign persons throughout the year. But, the form is also used when the taxpayer has an interest in or receives a distribution from a foreign trust as well.