Form 3520 for large cash gift from foreign parents

[roger2]

Can I generate and file Form 3520 using Intuit ProConnect?  I need to complete this for an individual that received a gift of cash, >$100k US, from their parent who is not a US person/resident.  This gift is held in a foreign bank account, and that account will be disclosed on the FBAR.

[itonewbie · Accepted solution]

No, F.3520 is not supported by PTO.

If your client lives in the US, F.8938 would also be required.

[roger2]

Thank you for your help.

[itonewbie]

Glad to be of help.

[Anonymous]

Then how do we report this on PTO?

[itonewbie]

You can't.  You will need to prepare that outside of PTO.

[Just-Lisa-Now-]

I had to do one of these multiple years ago, I believe the 3520 is mailed in separate from the tax return, so you can get the form from anywhere and fill it out.