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good afternoon this is Sean Golding with Golding and golden here to discuss IRS Form 35:20 and how to report gifts inheritance and certain trust transactions from a foreign person so to begin form 35:20 is a very important form the reason for that is because unlike many of the other forms the penalties for not filing form 3520 are wild if someone is an individual for example they receive a gift of a million dollars from their parents they dont file the form they could be looking at a quarter million dollar penalty even though they have no unreported income no f bar no FAC and nothing like that so form 3520 is required for u.s. persons who receive a gift or certain trust transactions with a foreign person foreign trust one very important aspect of that is it doesnt have to be foreign property but it has to be from a foreign person so for example if a foreign person was to gift a half a million dollars to a US person inform 35:20 would be required whether that money is already in the
