IRS 3520 2015 free printable template

OMB No. 1545-0159 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 2015 or tax year beginning 2015 ending A Check appropriate boxes Initial return Final return Amended return B Check box that applies to person filing return Individual Partnership Corporation Trust Executor C Check if any excepted specified foreign financial assets are reported on this form see instructions. You are a U.S. person who...during the current tax year received certain gifts or bequests from a foreign person. Complete all applicable Name of U.S. person s with respect to whom this Form 3520 is being filed see instructions b Identification number c Number street and room or suite no. if a P. O. box see instructions d Spouse s identification number e City or town i j Check the box if you are married and filing a joint 2015 income tax return but you are filing separate Forms 3520. If a P. O. box see instructions d...Spouse s identification number e City or town i j Check the box if you are married and filing a joint 2015 income tax return but you are filing separate Forms 3520. Service center where U.S. person s tax return is filed. k If an extension was requested for the tax return check this box 1a f State or province g ZIP or foreign postal code h Country and enter the form number of the tax return to be filed. Name of foreign trust if applicable b 1 Employer identification number if any b 2 Reference...ID number see instructions d 2a Did the foreign trust appoint a U.S. agent defined in the instructions who can provide the IRS with all relevant trust information. For Privacy Act and Paperwork Reduction Act Notice see instructions. Cat. No. 19594V Form 3520 2015 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 b Name of other foreign c Date trust was created ii trust owners if any 9a iii Country of residence iv v Relevant Code section During the current tax year did you transfer property including cash to a related foreign trust in exchange for an obligation of the trust or an obligation of a person related to the trust see instructions. Form Department of the Treasury Internal Revenue Service Annual Return To Report...Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts Information about Form 3520 and its separate instructions is at www*irs*gov/form3520. OMB No* 1545-0159 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 2015 or tax year beginning 2015 ending A Check appropriate boxes Initial return Final return Amended return B Check box that applies to person filing return Individual Partnership...Corporation Trust Executor C Check if any excepted specified foreign financial assets are reported on this form see instructions.

Instructions and Help about IRS 3520

How to edit IRS 3520

How to fill out IRS 3520

Instructions and Help about IRS 3520

How to edit IRS 3520

To edit IRS Form 3520, utilize PDF editing tools that allow for easy adjustments. You can upload the form to pdfFiller, where you can edit fields, add signatures, or annotate as necessary. Once modifications are complete, save the updated form for future reference or submission.

How to fill out IRS 3520

Filling out IRS Form 3520 requires careful attention to detail. Begin by reviewing the instructions provided by the IRS. Follow these steps:

1. Download the form from the IRS website or use pdfFiller.
2. Provide personal information, including your name and taxpayer identification number.
3. Fill in details regarding the foreign trust or gift you are reporting, ensuring accuracy for each required field.
4. Complete the sections regarding distributions or transfers if applicable.
5. Sign and date the form before submission.

About IRS 3 previous version

What is IRS 3520?

What is the purpose of this form?

Who needs the form?

When am I exempt from filling out this form?

Components of the form

Due date

What are the penalties for not issuing the form?

What information do you need when you file the form?

Is the form accompanied by other forms?

Where do I send the form?

About IRS 3 previous version

What is IRS 3520?

IRS Form 3520 is a tax form used by U.S. taxpayers to report transactions with foreign trusts and the receipt of certain foreign gifts. This form is critical for compliance with U.S. tax laws regarding international financial relationships.

What is the purpose of this form?

The purpose of IRS Form 3520 is to ensure that taxpayers report any foreign trusts they establish, foreign gifts they receive over certain thresholds, and the transactions they conduct with such foreign entities. This helps the IRS monitor compliance with tax regulations regarding offshore accounts and assets.

Who needs the form?

Taxpayers who establish or receive assets from foreign trusts, or receive large gifts from foreign individuals or entities, are required to file IRS Form 3520. If you are a U.S. citizen or resident that meets these criteria, filing is mandatory to avoid penalties.

When am I exempt from filling out this form?

You may be exempt from filing IRS Form 3520 if you do not receive a foreign gift that exceeds $100,000, or if the foreign trust does not have any reportable transactions during the year. Additionally, certain trusts with domestic filers may also qualify for exemptions.

Components of the form

IRS Form 3520 consists of various sections that collect essential information about foreign trusts and gifts. Key components include identification information, details about the foreign entities, and a section for reporting distributions received or transfers made. Completing each part accurately is crucial for compliance.

Due date

The due date for IRS Form 3520 is the same as the income tax return, typically April 15, but can vary if you file for an extension. Be mindful of this deadline to avoid penalties.

What are the penalties for not issuing the form?

Failing to file IRS Form 3520 can result in substantial penalties. The IRS can impose a penalty of 35% of the gross value of a foreign gift that is not reported, or up to $10,000 for failing to report transactions with foreign trusts. Penalties may accumulate over time if not addressed promptly.

What information do you need when you file the form?

Before filing IRS Form 3520, gather necessary information such as your identification details, the nature and value of the foreign trust or gift, and any prior correspondence with the IRS regarding these transactions. This information ensures accurate and complete form submission.

Is the form accompanied by other forms?

IRS Form 3520 may need to be submitted alongside other forms depending on the circumstances. For instance, if reporting distributions or related transactions, IRS Form 3520-A may also be required. Always check current IRS guidance for the most relevant forms for your situation.

Where do I send the form?

Send IRS Form 3520 to the address specified in the form instructions. Typically, this will be the Internal Revenue Service, P.O. Box 409101, Ogden, UT 84409 for U.S. citizens. For forms submitted from abroad, use the designated international address provided by the IRS.

FAQ about form 3520 2015

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What is IRS 3520?

IRS Form 3520 is a tax form used to report certain transactions with foreign trusts, as well as the receipt of certain foreign gifts.

Who is required to file IRS 3520?

U.S. persons who receive gifts from foreign persons over a certain threshold or who engage in certain transactions with foreign trusts are required to file IRS Form 3520.

How to fill out IRS 3520?

To fill out IRS Form 3520, follow the instructions provided in the form, including reporting details about the foreign trust or gift, your identification information, and any applicable financial details.

What is the purpose of IRS 3520?

The purpose of IRS Form 3520 is to provide the IRS with information about foreign trusts and large foreign gifts to ensure compliance with U.S. tax laws.

What information must be reported on IRS 3520?

Information that must be reported on IRS Form 3520 includes the name and address of the foreign trust, the identity of the grantor, the terms of the trust, and details regarding any gifts received from foreign individuals over the specified thresholds.