{"id":664,"date":"2021-03-26T14:39:49","date_gmt":"2021-03-26T14:39:49","guid":{"rendered":"https:\/\/sommers-taxapedia.com\/archives\/?p=664"},"modified":"2021-03-29T19:11:28","modified_gmt":"2021-03-29T19:11:28","slug":"understanding-form-3520-reporting-foreign-gifts","status":"publish","type":"post","link":"https:\/\/sommers-taxapedia.com\/archives\/understanding-form-3520-reporting-foreign-gifts\/","title":{"rendered":"Understanding Form 3520, Reporting Foreign Gifts"},"content":{"rendered":"\n<p>Little-known Form 3520 is required for reporting gifts or inheritances received from one or more foreign individuals totaling $100, 000 or more during the calendar year. Attorney Robert L. Sommers is based in San Francisco and is a Certified Tax Specialist, California Board of Legal Specialization, State Bar of California. He has represented hundreds of U.S. and foreign individuals and small companies on a variety of U.S. and foreign tax, business, and estate planning matters.&nbsp;A major portion of his practices involves foreign tax issues and obligations, including unreported foreign income, assets, gifts\/inheritances and accounts.&nbsp;Bob explains the requirements and severe penalties if Form 3520 is not timely and accurately filed. This is the first in a series of Boomer Bob\u2019s Tax Cafe and Coffee Bar videos, providing tax news you can use.<\/p>\n\n\n<figure class=\"wp-block-embed-youtube wp-block-embed is-type-video is-provider-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"lyte-wrapper fourthree\" style=\"width:420px;max-width:100%;margin:5px;\"><div class=\"lyMe\" id=\"WYL_iazDBLdlmrQ\"><div id=\"lyte_iazDBLdlmrQ\" data-src=\"\/\/i.ytimg.com\/vi\/iazDBLdlmrQ\/hqdefault.jpg\" class=\"pL\"><div class=\"tC\"><div class=\"tT\"><\/div><\/div><div class=\"play\"><\/div><div class=\"ctrl\"><div class=\"Lctrl\"><\/div><div class=\"Rctrl\"><\/div><\/div><\/div><noscript><a href=\"https:\/\/youtu.be\/iazDBLdlmrQ\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i.ytimg.com\/vi\/iazDBLdlmrQ\/0.jpg\" alt=\"YouTube video thumbnail\" width=\"420\" height=\"295\" \/><br \/>Watch this video on YouTube<\/a><\/noscript><\/div><\/div><div class=\"lL\" style=\"max-width:100%;width:420px;margin:5px;\"><\/div><figcaption><\/figcaption><\/figure>","protected":false},"excerpt":{"rendered":"<p>Little-known Form 3520 is required for reporting gifts or inheritances received from one or more foreign individuals totaling $100, 000 or more during the calendar year. Attorney Robert L. Sommers is based in San Francisco and is a Certified Tax Specialist, California Board of Legal Specialization, State Bar of California. He has represented hundreds of <a href=\"https:\/\/sommers-taxapedia.com\/archives\/understanding-form-3520-reporting-foreign-gifts\/\" class=\"more-link\">&#8230;Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[107,108,106,1,88,109,81],"tags":[],"class_list":["post-664","post","type-post","status-publish","format-standard","hentry","category-foreign-gifts","category-foreign-trusts","category-form-3520","category-general-tax-information","category-gifts-and-estates","category-tax-planning","category-taxpayers-with-foreign-income-or-accounts"],"_links":{"self":[{"href":"https:\/\/sommers-taxapedia.com\/archives\/wp-json\/wp\/v2\/posts\/664","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sommers-taxapedia.com\/archives\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sommers-taxapedia.com\/archives\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sommers-taxapedia.com\/archives\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sommers-taxapedia.com\/archives\/wp-json\/wp\/v2\/comments?post=664"}],"version-history":[{"count":3,"href":"https:\/\/sommers-taxapedia.com\/archives\/wp-json\/wp\/v2\/posts\/664\/revisions"}],"predecessor-version":[{"id":667,"href":"https:\/\/sommers-taxapedia.com\/archives\/wp-json\/wp\/v2\/posts\/664\/revisions\/667"}],"wp:attachment":[{"href":"https:\/\/sommers-taxapedia.com\/archives\/wp-json\/wp\/v2\/media?parent=664"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sommers-taxapedia.com\/archives\/wp-json\/wp\/v2\/categories?post=664"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sommers-taxapedia.com\/archives\/wp-json\/wp\/v2\/tags?post=664"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}