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File a separate Form 3520 for each foreign trust. For calendar year 2016, or tax year beginning. , 2016, ending. , 20. A Check appropriate box: Initial return.

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How to fill out form 3520:

1. Start by gathering all necessary information, including personal details, citizenship status, and details of any foreign gifts or trusts that need to be reported on the form.
2. Fill out the top section of the form, providing your name, address, and other identification details as required.
3. Proceed to Part I of the form, where you will need to provide information about the foreign trust or gifts received. This includes details such as the name of the trust, identification numbers, and the relationship between the trust and the recipient.
4. If you received any foreign gifts during the tax year, you will need to fill out Part II of the form. Provide information about each gift, including its value and any taxes paid or owed.
5. If you were treated as the owner of any part of a foreign trust, you may need to fill out Part III. This section requires information about the trust, such as its name and identification numbers.
6. Complete the required schedules and attachments, if applicable. These may include Schedule A, B, or C, depending on the specific circumstances.
7. Review the form for accuracy and completeness before submitting it to the IRS.
8. Keep a copy of the completed form and any supporting documentation for your records.

Who needs form 3520:

1. U.S. citizens or residents who have received gifts or inheritances from foreign individuals or trusts may be required to file Form 3520.
2. Individuals who are treated as the owner of any part of a foreign trust, even if no gifts were received, may also need to file this form.
3. Reporting is required for gifts or inheritances with a total value exceeding $100,000 from a nonresident alien individual or foreign estate, or gifts exceeding $16,076 from foreign corporations or partnerships.

Remember, it is always recommended to consult with a tax professional or refer to the IRS instructions for Form 3520 to ensure compliance with current regulations and requirements.

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What is form 3520?

Form 3520 is a U.S. Information Return for Foreign Trusts and Receipts of Certain Foreign Gifts.

Who is required to file form 3520?

U.S. persons who are recipients of certain foreign gifts or inheritances, or who are owners of certain foreign trusts, are required to file form 3520.

How to fill out form 3520?

Form 3520 can be filled out online or by mail, and requires detailed information about the foreign gift or trust.

What is the purpose of form 3520?

The purpose of form 3520 is to report information about foreign gifts and trusts to the IRS.

What information must be reported on form 3520?

Information such as details of the foreign gift or trust, the fair market value of the gift or trust, and other relevant financial information must be reported on form 3520.