Get the free BForm 3520b Questionnaire

MICHAEL S. ARABIC, CPA, P.A. 269 N. University Drive, Suite I Pembroke Pines, FL 33024 USA Phone: (954) 8931399 Fax: (954) 3370250. Email: info sarabjitcpa.com or Michael Arabic Yahoo.com WWW.SARABJITCPA.COM

How to fill out bform 3520b questionnaire

1. The bform 3520b questionnaire is required to be filled out by any U.S. person who is a beneficiary of a foreign trust, an owner of a foreign trust, or who is responsible for reporting transactions with a foreign trust.
2. To fill out the bform 3520b, start by providing your personal information, such as your name, address, and taxpayer identification number.
3. Next, indicate whether you are the owner or beneficiary of the foreign trust, and provide details about the trust, such as the name, address, and taxpayer identification number of the trust.
4. You will also need to report any distributions you received from the foreign trust during the tax year, including the amount and the nature of the distribution.
5. If you transferred any property to the foreign trust during the tax year, you will need to report the details of the transfer, including the value of the property and any consideration received.
6. Additionally, if you made any contributions to the foreign trust during the tax year, you will need to report the details of the contribution, including the amount and nature of the contribution.
7. The bform 3520b also requires you to report any accounts, assets, or beneficial interests held by the foreign trust, including the type of asset and its value.
8. You are also required to report any loans between you and the foreign trust, including the date, amount, and terms of the loan.
9. Finally, review your completed bform 3520b for accuracy and make sure to sign and date it before submitting it to the IRS.

In summary, the bform 3520b questionnaire is required for individuals who are beneficiaries or owners of foreign trusts or have transactions with foreign trusts. To fill out the form, provide your personal information, details about the trust, report any distributions, transfers, or contributions made, disclose any accounts or assets held by the trust, report any loans, and review your completed form before submission.

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