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Official form guide
Form 3520: 3520
Form 3520 reports certain transactions with foreign trusts and receipt of certain large foreign gifts. It is required when a U.S. person receives a distribution from, creates, or transfers property to a foreign trust, or receives gifts from non‑U.S. persons exceeding $100,000.
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IRS Form 3520 - 3520
Form 3520 reports certain transactions with foreign trusts and receipt of certain large foreign gifts. It is required when a U.S. person receives a distribution from, creates, or transfers property to a foreign trust, or receives gifts from non‑U.S. persons exceeding $100,000.
Risk Radar
Scan points- 1One slip—like an incorrect amount—can trigger a 35% penalty on the transaction value.
- 2Missing the April deadline and incurring a late‑filing penalty
- 3Reporting the wrong dollar amount or currency conversion
- 4Omitting required identification of the foreign trust
- 5Using an outdated form edition
Plain English
If you got money or property from a foreign trust, or a foreign individual gave you a big gift, the IRS wants you to tell them about it. This form is the way to report those foreign‑related cash flows so you stay in compliance.
Submission Date
- Filing date: 2025-11-24 22:10:20
- Preparation window: collect IDs, supporting records, and signatures in advance.
- Final review: verify names, dates, and required fields before submission.
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What this form is for
- Use when you receive a distribution from a foreign trust.
- Do not use for routine foreign‑currency income reported on Form 1040.
- Check Form 3520‑A if you are the foreign trust owner or trustee.
Form selector
Use this form or another form?
You are the foreign trust owner
Required annual information return from the trust itself
✓ Verify trust’s filing status first
You received a foreign inheritance under $100,000
Report on Form 1040 if taxable
✓ Confirm threshold before filing
Deadline or filing window
Form 3520 must be filed by the due date of the taxpayer’s income‑tax return, including extensions. If you file an extension for Form 1040, the extended deadline also applies to Form 3520. Late filing without an{extension} incurs a 5% penalty per month up to 25% of the amount involved.
- —Foreign gift amount (USD) | Convert foreign currency using IRS yearly rate | USD amount | Verify correct rate for the transaction year
Checklist
What you need before filling it out
Part I – Gift amount
Gift letter or bank statement · Donor’s documentation
Part II – Trust distribution
Trust distribution statement · Trustee’s annual report
Identification of foreign trust
Trust’s name, country, and EIN · Trust charter
Date of transaction
Transfer agreement or receipt · Original contract
Before you submit
- 1Use the 2024 edition of Form 3520
- 2All dollar amounts converted to USD with correct IRS rate
- 3Trust identification numbers entered accurately
- 4All required schedules attached
- 5Signature present and legible
- 6Correct IRS mailing address printed
- 7Postage with delivery confirmation
- 8Copy of the form retained for records
- 9Check that any extension filed for Form 1040 also covers Form 3520
- 10Verify no other form (3520‑A) is required for the same transaction
How to file this form
- 1Collect all foreign trust and gift documentation
- 2Download the latest Form 3520 PDF and print on single‑sided paper
- 3Complete Part I for gifts and Part II for trust activity
- 4Attach any required statements (e.g., trust annual report)
- 5Sign the form and date it
- 6Mail to the IRS address in the instructions using certified mail
- 7Keep the mailing receipt and a copy of the complete packet
Known limitations
- 1IRS instructions do not provide an electronic filing option
- 2Penalty calculations are based on IRS guidance, not on the form itself
- 3Currency conversion rates must be taken from IRS tables, not third‑party sites
- 4Form does not capture subsequent trust amendments after the filing year
Field map
Compact field-by-field guide
General Info
2 items
Full legal name and taxpayer identification number (SSN or EIN).
Current mailing address.
Details
2 items
Complete all applicable sections of this form according to the official IRS instructions.
Enter the relevant dollar amount if this form involves tax calculation.
Certification
1 items
Read and acknowledge any certifications required by this form.
Signatures
1 items
Sign and date. Unsigned forms cannot be processed.
Almost done reviewing the fields?
Fillable formOpen in Editor->Form 3520 is currently in its 2024 edition. The IRS updates the form annually; verify the edition date before filing.
What changed or needs a fresh check
- Edition date – confirm the form is the 2024 version
- Fee – no filing fee for Form 3520
- Mailing address – use the address in the current instructions
- Signature line – ensure the authorized person signs
- Paper size – 8.5" x 11" standard US letter
- PDF vs. paper – only paper filing accepted
Quick Facts
Downloads
After you file
- 1Store the mailed copy and receipt in a safe place for at least seven years
- 2Monitor any IRS correspondence for acknowledgment or penalty notices
- 3If you receive a notice, compare the reported amounts with your records
- 4Update your tax calendar with the next year’s filing deadline
- 5Consider consulting a tax professional if a penalty is assessed
- 6Retain any foreign trust statements for future reference
Sources
- SRCIRS Form 3520 instructionsdescription of filing purpose
- SRCIRS Form 3520 instructionsfiling deadline tied to income‑tax return
- SRCIRS Form 3520 instructionsmailing address for paper filing
- SRCIRS Form 3520 instructionspenalty rate of 35% for under‑reporting
- SRCIRS Form 3520 instructionsno filing fee listed
- SRCIRS Form 3520 instructionsrequirement to convert foreign currency using IRS rate
- SRCIRS Form 3520 instructionsneed for signature and date
- SRCIRS Form 3520 instructionsdistinction between Form 3520 and 3520‑A
Common confusion points
Foreign gift vs. inheritance
Threshold differs ($100,000 vs. none)
→ Verify the $100,000 limit before filing
Form 3520 vs. 3520‑A
3520‑A is filed by the trust, not the recipient
→ Confirm who is responsible
Currency conversion date
Some taxpayers use transaction date, others use year‑end rate
→ Use the rate specified in the instructions for that year
Extension applicability
Not all taxpayers realize an extension for Form 1040 covers Form 3520
→ Check extension paperwork
Reporting a revocation of a foreign trust
Often missed because it is not a distribution
→ Review revocation rules in the instructions
Workflow map
Related forms and next steps
Before
Current
After
Often used with
⚠ If something goes wrong
- Form 3520 Penalty Notice – respond within 30 days
Source transparency
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