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- Dec 26, 2012
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I will be receiving a gift of about $250K from a foreign relative (sibling in Canada) who used to live in the U.S. (was a permanent resident between 1980 and 1993).
I am aware of the need to file Form 3520 for amounts over $100K in a calendar year. I've seen people online express a desire to remain below the $100K threshold to avoid the reporting requirement.
My question is: what benefit is there in splitting up the transfer into separate calendar years to avoid the requirement to report the gift on Form 3520?
I am aware of the need to file Form 3520 for amounts over $100K in a calendar year. I've seen people online express a desire to remain below the $100K threshold to avoid the reporting requirement.
My question is: what benefit is there in splitting up the transfer into separate calendar years to avoid the requirement to report the gift on Form 3520?