Cat. No. 19594V Form 3520 2016 Page 2 Part I Transfers by U.S. Persons to a Foreign Trust During the Current Tax Year see instructions 5a Name of trust creator 6a Country code of country where trust was created 7a Will any person other than the U.S. transferor or the foreign trust be treated as the owner of the transferred assets after the transfer. Note All information must be in English. Show all amounts in U.S. dollars. File a separate Form 3520 for each foreign trust. For calendar year...
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Who Needs IRS Form 3520?

Every U.S. citizen who owns a foreign trust or received a gift from a foreigner should file Form 3520. This document is also required for:

  • Trust owners
  • Trust distribution recipients
  • Person who received a gift from foreigners
  • Gift recipients from foreign corporations

What is IRS Form 3520 for?

Form 3520 is used to report transactions with foreign trusts and gifts that a US person has received from foreigners or foreign corporations during the current tax year. An important fact is that each foreign transaction with a trust should be reported on a separate Form 3520.

Is IRS Form 3520 Accompanied by other Forms?

Form 3520 isn’t accompanied by other documents. But it has a number of obligatory attachments. The full list of attachments can be found on the IRS website. There is also an opportunity for two transferors of the same trust to file a joint Form 3520.

When is IRS Form 3520 Due?

Form 3520 is filed simultaneously with an individual income tax return. If the form is filed on behalf of a decedent then its due date is the same as the due date of Form 706. All the time extensions are included in the deadlines.

How do I Fill out IRS Form 3520?

Form 3520 is a six-page document that is comprised of five parts and some schedules. The minimum amount of information that has to be provided in the form is:

  • The filer’s identification information, address, Identification number
  • Transfers to foreign trusts
  • Distributions from a foreign trust
  • Owner of the foreign trust
  • Etc.

Every part contains some fields. There is an explanation for each field.

Where do I Send IRS Form 3520?

Once the form is completed, it is sent to the IRS.

Video instructions and help with filling out and completing form 3520 2016
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