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[Music] hi im bob summers im a tax attorney practicing in san francisco and welcome to boomer bobs tax cafe and coffee bar where we drink lattes and we talk tax today im going to talk about the form called form 3520 that needs to be filed whenever a person receives a foreign gift that is a gift from a foreign individual and the amount the person the u.s taxpayer receives over a calendar year exceeds 100 000 it can that gives the gifts can be made in increments it can be made from different people it doesnt matter once you as a cup as a u.s taxpayer receive a gift of 100 000 or more during a calendar year you have a reporting requirement on form 3520 the penalty for not reporting your gift can be as high as 25 of the amount of the gift so if your parents gave you two million dollars and you fail to report it timely you can be looking at a 500 000 penalty and there is very little relief under the tax code from paying that penalty and heres an example lets say youre a student fro