Do I need to file IRS form 3520?

Asked 6 months ago - Pomona, CA

I received 75,000 from my mother and 45,000 from a very close friend in the same tax year(total is more than 100,000). Both of them are nonresident aliens and they are not in any way related. The funds are gifts for me to purchase a house and were transferred from foreign banks. My question is:
Do I need to file Form 3520?
Any help will be greatly appreciated ?
Thanks

Attorney answers (3)

  1. Giacomo Jacques Behar

    Pro

    Contributor Level 20

    2

    Lawyers agree

    Answered . Yours is not an immigration law question.

    Kindly be advised that the answer above is only general in nature cannot be construed as legal advice, given that... more
  2. Husna F. Alikhan

    Contributor Level 14

    Answered . This question belongs under the Tax category.

    Nothing in this response to your posting on AVVO is intended or should be considered as legal advice to your... more
  3. Gunda Johanna Brost

    Pro

    Contributor Level 20

    Answered . This is not an immigration question and I'll try to repost it under the taxation law category, if this hasn't yet been done.

    This advice does not form an attorney-client relationship and is merely informative. It should not by itself be... more

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