# US IRS Form 1040, Schedule B Question 8 Question



## jeffj (May 3, 2018)

In Form 1040, Schedule B, Part III, Question 8 says 
" During 2017, did you receive a distribution from, or were you the grantor of, or transferor to, a foreign trust? If "Yes", you may have to file Form 3520. See instructions.

I received foreign gifts from my family in China.
A Chinese Bank wired to my United States Bank.
Totalling over $100,000.

One CPA says, I need to say "Yes" because I need to file Form 3520.

Another CPA says, I need to say "No", because it is not a foreign trust.

Who is right? or what should I do?


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## Bevdeforges (Nov 16, 2007)

If you received the gifts from your family directly, I would say "no." Whether or not you need to file form 3520 is a separate decision - and yes, you may need to file form 3520 because you have received a large gift from a foreign donor. See the instructions for form 3520 for details.
Cheers,
Bev


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## Moulard (Feb 3, 2017)

On the Schedule B. I agree. Answer is likely No, unless the funds came from your family through a trust.


Assuming that your family in China are not US persons then you should file form 3520 as you will have received:



> more than $100,000 from a nonresident alien individual or a foreign estate (including foreign persons related to that nonresident alien individual or foreign estate) that you treated as gifts or bequests;


The same form is used to report for both transactions with foreign trusts and the receipt of foreign gifts.

Complete part IV.


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