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 Form 3520 Internal Revenue Service 2021

3250 2021-2024 Form

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Video instructions and help with filling out and completing Form 3520 Internal Revenue Service

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Instructions and help about 2020 form 3520

today we'll be discussing the form 3520 annual return to report transactions with foreign trusts and receipt of certain foreign gifts with a focus on the foreign gift reporting aspect of the form this form is perhaps the most discussed form and most common penalty i see in practice [Music] welcome to tax facts where we discuss the most frequently asked questions i receive as a tax controversy attorney my name is eli noff the basic triggers for the form 3520 are certain transactions with foreign trusts ownership of foreign trusts under the rules of section 671 671-679 and receipt of certain large gifts or bequests from certain foreign persons we will focus most of our time today on the foreign gift aspects of this form a u.s person who receives a gift from a foreign person in excess of one hundred thousand dollars is required to file a form 3520. this threshold includes both financial such as cash and bank accounts and the fair market value of non-financial assets such as real estate th

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