Fill out Form 3520 (Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts) online
Form 3520 is an annual information return used to report certain transactions with foreign trusts, ownership of foreign trusts, and receipt of large gifts or bequests from foreign persons. It is a disclosure form and does not itself generate a tax liability.
How to fill out Form 3520 (Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts)
Enter filer information and trust details
Fill in your name, address, SSN, and the details of the foreign trust including its name, country, and EIN (if any). Indicate the type of transaction being reported: trust creation, transfers, distributions, or receipt of foreign gifts.
Report transactions with foreign trusts (Part I)
If you created a foreign trust or transferred property to one, report the date of creation or transfer, the property transferred, and its fair market value. Describe the terms of the trust and identify the trustee and beneficiaries.
Report distributions from foreign trusts (Part III)
Enter all distributions received from a foreign trust during the tax year, including cash, property, and the use of trust property. Calculate the taxable portion using the default method or the actual calculation method if the trust provides a Foreign Grantor Trust Beneficiary Statement.
Report foreign gifts and bequests (Part IV)
If you received aggregate gifts or bequests exceeding $100,000 from a nonresident alien individual or foreign estate, report the donor, the amount, and a description of the property received. Gifts from foreign corporations or partnerships have a lower $19,570 threshold (adjusted annually for inflation).
Sign and file separately from your tax return
Sign the form and mail it to the IRS at the address in the instructions. Form 3520 is filed as a standalone return, not attached to your Form 1040. Keep copies of all supporting documentation.
About Form 3520 (Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts)
Who needs this form
U.S. persons who are treated as owners of any part of a foreign trust, who received distributions from a foreign trust, or who received gifts or bequests totaling more than $100,000 from a foreign person during the tax year. U.S. persons who created or transferred property to a foreign trust must also file.
Where to submit
File Form 3520 with the IRS by the due date of your income tax return (including extensions). Mail to the IRS address specified in the current year form instructions. Form 3520 is filed separately from your income tax return.
Source and content freshness
- Reviewed: 2026-02-24
- Filing deadlines may shift for weekends and holidays. Verify due dates with official instructions.
Common mistakes to avoid
- Not filing Form 3520 because the taxpayer mistakenly believes foreign gifts are not reportable
- Missing the filing deadline, which triggers steep penalties (up to 25% of the value of the trust or 35% of the gross value of distributions)
- Failing to report all distributions received from a foreign trust, including in-kind distributions
- Not filing Form 3520-A (filed by the foreign trust itself) in addition to Form 3520 when the trust does not file its own return
Frequently asked questions
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What are the penalties for not filing Form 3520?
Penalties for late or non-filing of Form 3520 are significant. For foreign trust transactions, the penalty is the greater of $10,000 or 35% of the gross value of distributions received or 5% of the value of the trust attributable to the U.S. owner. For failure to report foreign gifts, the penalty is 5% of the gift amount for each month the form is late, up to 25%. Reasonable cause relief may be available if the taxpayer can demonstrate the failure was not due to willful neglect.
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