Form 3520 — Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts

This skill produces an audit-grade draft of Form 3520 for a US person who: (1) created or transferred property to a foreign trust, (2) is treated as the US owner of a foreign trust under the grantor trust rules, (3) received a distribution from a foreign trust, or (4) received aggregate gifts/bequests above the reporting threshold from foreign individuals or foreign entities/estates during the tax year.

The form has four parts and the part(s) you fill depend on which trigger applies. The skill walks the agent through identifying which Part(s) apply, collecting the inputs each Part needs, applying the IRC §6048 / §6039F / §679 rules, and emitting a deliverable the user can transcribe to the IRS fillable PDF and mail to Ogden.