{"id":204,"date":"2022-12-05T13:39:40","date_gmt":"2022-12-05T17:39:40","guid":{"rendered":"https:\/\/www.hrblock.com\/expat-tax-preparation\/resource-center\/?p=204"},"modified":"2025-03-13T15:02:50","modified_gmt":"2025-03-13T19:02:50","slug":"form-3520-reporting-foreign-trusts-inheritances-and-gifts-for-americans-abroad","status":"publish","type":"post","link":"https:\/\/www.hrblock.com\/expat-tax-preparation\/resource-center\/forms\/form-3520-reporting-foreign-trusts-inheritances-and-gifts-for-americans-abroad\/","title":{"rendered":"Form 3520: Reporting Foreign Trusts, Inheritances, and Gifts for Americans Abroad"},"content":{"rendered":"\n<p>If you\u2019re at all familiar with taxes, it won\u2019t come as a surprise that the IRS wants to know about any large financial assets under your control. It\u2019s no different if these financial assets come from outside the U.S., and that\u2019s why IRS Form 3520 exists.<\/p>\n\n\n\n<p>Tax Form 3520 is an informational form you use to report certain transactions with foreign trusts, ownerships of foreign trusts, or if you receive certain large gifts from certain foreign persons. It\u2019s an important one to file correctly because it falls in the category of forms that increase your risk of being audited. File it incorrectly or forget and you risk more than being audited \u2014 you may be penalized or fined a hefty chunk of change.<\/p>\n\n\n\n<p><strong>Below we\u2019ll break down what this form is for, who files it, what happens if you don\u2019t, and other information that will be handy to know this tax season. Already know you need to file but aren\u2019t sure how? Leave it to us.&nbsp;<a href=\"https:\/\/www.hrblock.com\/expat-tax-preparation\/expat-tax-preparation-and-services\/\">Start with H&amp;R Block today<\/a>&nbsp;and we\u2019ll make sure your taxes are done right<\/strong>. No matter where in the world you are, we\u2019ve got a tax solution for you \u2014 whether you want to&nbsp;<a href=\"https:\/\/www.hrblock.com\/expat-tax-preparation\/diy-expat-tax-filing-online\/\">DIY your expat taxes<\/a>&nbsp;or&nbsp;<a href=\"https:\/\/www.hrblock.com\/expat-tax-preparation\/expat-assisted-tax-filing\/\">file with help from an advisor<\/a>.<\/p>\n\n\n\n<div class=\"wp-block-create-block-hrb-expat-ways-to-file\" class=\"wp-block-create-block-hrb-expat-ways-to-file\"><div class=\"wtf-column wtf-column--left\"><a href=\"https:\/\/expatonline.hrblock.com\/wizard\/introduction\/2021?sat_track=true\" target=\"_blank\" rel=\"noopener\" data-track=\"{'loc':'b', 'nm':'start file yourself'}\">File on my own<\/a><\/div><div class=\"wtf-column wtf-column--right\"><a href=\"https:\/\/expat.hrblock.com\/s\/login\/SelfRegister?sat_track=true\" target=\"_blank\" rel=\"noopener\" data-track=\"{'loc':'b', 'nm':'start file with an advisor'}\">File with an advisor<\/a><\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-form-3520\">What is Form 3520?<\/h2>\n\n\n\n<p>Form 3520 is an informational return in which U.S. taxpayers report transactions with certain foreign trusts, ownership of foreign trusts, and receipts of large gifts from foreign entities. That word \u201ccertain\u201d is key here \u2014 there are different reporting triggers depending on the nature of the foreign asset.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-who-files-form-3520\">Who files Form 3520?<\/h2>\n\n\n\n<p>There are generally three reasons you might file Form 3520 as an expat:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>You\u2019re a U.S. owner of a foreign trust (includes the grantor, but could include other people)<\/li>\n\n\n\n<li>You make certain transactions with a foreign trust<\/li>\n\n\n\n<li>You receive a large gift or inheritance from certain overseas persons<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-form-3520-for-u-s-owners-of-a-foreign-trust\">Form 3520 for U.S. owners of a foreign trust<\/h3>\n\n\n\n<p>If you own any part of a foreign trust, you will probably have to file this form. If the answer is \u201cyes,\u201d then you need to file form 3520.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-form-3520-for-u-s-taxpayer-transactions-with-a-foreign-trust\">Form 3520 for U.S. taxpayer transactions with a foreign trust<\/h3>\n\n\n\n<p>There are three main types of transactions with a foreign trust you need to report on:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>If you transfer any assets (money and property, for example) to a foreign trust<\/li>\n\n\n\n<li>You receive direct or indirect distributions from a foreign trust<\/li>\n\n\n\n<li>You have a qualified obligation as the responsible party to report a reportable event during your current tax year<\/li>\n<\/ul>\n\n\n\n<p>Just because neither of the above apply to you doesn\u2019t mean you\u2019re in the clear \u2014 there are other rare cases that have to do with foreign trusts that you may have to report on. Because the reporting triggers are different for different kinds of transactions, it\u2019s best to leave the filing to an expert tax advisor that specializes in U.S. expat taxes.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-form-3520-for-u-s-recipients-of-foreign-gifts\">Form 3520 for U.S. recipients of foreign gifts<\/h3>\n\n\n\n<p>A common question our Tax Advisors get is \u201cHow much money can you receive as a gift from overseas?\u201d<\/p>\n\n\n\n<p>In reality, there isn\u2019t a maximum amount of money you can receive as a gift from overseas, but there is a threshold which \u2014 if you cross it \u2014 you need to report that gift to the IRS. In the case of foreign gifts, the IRS generally only cares about extremely large amounts \u2014 so you don\u2019t need to worry about the $500 your French aunt sent you for your birthday.<\/p>\n\n\n\n<p>You\u2019re only required to file this form if you received:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A gift of more than $100,000 from a foreign person or estate<\/li>\n\n\n\n<li>A gift of more than $19,570 from a foreign partnership or corporation in 2024<\/li>\n<\/ul>\n\n\n\n<p>So, for example, if that same French Aunt gifted you the deed to her swanky vacation home in Aspen, you\u2019d have to report it.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-s-the-difference-between-form-3520-and-form-3520-a\">What\u2019s the difference between Form 3520 and Form 3520-A?<\/h3>\n\n\n\n<p>The main difference between Form 3520 and&nbsp;<a href=\"https:\/\/www.hrblock.com\/expat-tax-preparation\/resource-center\/forms\/form-3520-a-a-guide-for-u-s-expats\/\">3520-A<\/a>&nbsp;is who actually files it and why. The only people that fill out Form 3520-A are those that manage foreign trusts with U.S. beneficiaries.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"650\" height=\"325\" src=\"https:\/\/www.hrblock.com\/expat-tax-preparation\/resource-center\/wp-content\/uploads\/2022\/10\/form3520A-lg.jpeg\" alt=\"Senior couple asking tax advisor about IRS Form 3520 for inheritances\" class=\"wp-image-195\" srcset=\"https:\/\/www.hrblock.com\/expat-tax-preparation\/resource-center\/wp-content\/uploads\/2022\/10\/form3520A-lg.jpeg 650w, https:\/\/www.hrblock.com\/expat-tax-preparation\/resource-center\/wp-content\/uploads\/2022\/10\/form3520A-lg-300x150.jpeg 300w\" sizes=\"auto, (max-width: 650px) 100vw, 650px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-form-3520-penalties-and-instructions\">Form 3520 penalties and instructions<\/h2>\n\n\n\n<p>Form 3520 instructions can be hard to understand, even for seasoned accountants. Because there are so many factors that go into what\u2019s included and who must file, we recommend you leave it to the pros. If you\u2019re interested in seeing the instructions for yourself, you can find them on the&nbsp;<a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/i3520.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">IRS website<\/a>.<\/p>\n\n\n\n<p>If you\u2019re supposed to file and you don\u2019t (or you do file and you don\u2019t follow the instructions correctly), you could be subjected to some hefty <a href=\"https:\/\/www.hrblock.com\/expat-tax-preparation\/resource-center\/filing\/tax-responsibilities-and-penalties\/how-to-avoid-u-s-tax-penalties-while-living-overseas\/\">penalties or fines<\/a>. The typical fine is whichever is greater \u2014 $10,000 or 5% &#8211; 35% of the gross value of all the property, assets, and distributions that weren\u2019t reported.<\/p>\n\n\n\n<p><strong>Dealing with a penalty from the IRS can be time-consuming and stressful \u2014 which is why we recommend you leave it to the experts. When you&nbsp;<a href=\"https:\/\/www.hrblock.com\/expat-tax-preparation\/expat-tax-preparation-and-services\/\">file your expat taxes<\/a>&nbsp;with H&amp;R Block, you can rest assured you\u2019re taxes are done the right way, saving you the most money and giving you peace of mind.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-file-with-confidence-with-expat-tax-preparation-from-h-amp-r-block\">File with confidence with Expat Tax Preparation from H&amp;R Block<\/h2>\n\n\n\n<p>Confused about which forms you need to file? Stumped with the instructions? Leave it to us. Whether you&nbsp;<a href=\"https:\/\/www.hrblock.com\/expat-tax-preparation\/diy-expat-tax-filing-online\/\">file expat taxes yourself<\/a>&nbsp;with our online DIY expat tax service designed specifically for U.S. citizens abroad or&nbsp;<a href=\"https:\/\/www.hrblock.com\/expat-tax-preparation\/expat-assisted-tax-filing\/\">file with an advisor<\/a>, H&amp;R Block is here to help.&nbsp;<a href=\"https:\/\/www.hrblock.com\/expat-tax-preparation\/expat-tax-preparation-and-services\/\">Start your expat taxes today!<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Not sure if you need to file Form 3520? Learn everything you should know about reporting foreign trusts, inheritances, or gifts as an American abroad. Need help? Our expat tax experts are a few clicks away.<\/p>\n","protected":false},"author":3,"featured_media":205,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[18],"tags":[],"class_list":["post-204","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forms"],"acf":[],"yoast_head":"<title>Form 3520 | H&amp;R Block\u00ae<\/title>\n<meta name=\"description\" content=\"Not sure if you need to file Form 3520? Learn everything you should know about reporting foreign trusts, inheritances, or gifts as an American abroad. Need help? Our expat tax experts are a few clicks away.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.hrblock.com\/expat-tax-preparation\/resource-center\/forms\/form-3520-reporting-foreign-trusts-inheritances-and-gifts-for-americans-abroad\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Form 3520: Reporting Foreign Trusts, Inheritances, and Gifts for Americans Abroad\" \/>\n<meta property=\"og:description\" content=\"Not sure if you need to file Form 3520? Learn everything you should know about reporting foreign trusts, inheritances, or gifts as an American abroad. Need help? 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