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Question

Why is data entry for gifts or bequests not displaying on Form 3520, Part IV, line 54?

Answer

Only the gifts or bequests entered in the Screen 3520-2, Gifts or bequests received from nonresident alien or foreign estate in excess of $5,000 field with a FMV exceeding $5,000 will be displayed on the form. If the aggregate FMV of gifts or bequests received from nonresident aliens and foreign estates exceed $100,000 for the tax year, but none individually exceed $5,000, enter at least one of these gifts in the field for Line 54 to be marked as ‘Yes’.

Related topic: Form 3520 - Foreign Trust Transactions FAQs (1040)

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