3520-a instructions Form 2023-2024

3520-a instructions 2024 Form: What You Should Know

For more information on Form 3520, visit. What is the Form 3520 Form? Form 3520, Annual Information Return of a Foreign Trust, is an annual information return of a foreign trust, including: You need to file the Form 3520 if any of the following apply to you: You are the U.S. owner. Your foreign trust owns a majority of the assets of the foreign trust. You are a spouse or unmarried partner of a non-U.S. owner if: The non-U.S. owner has more than 50 percent of the voting power of the foreign trust. The non-U.S. owner is the U.S. owner of a domestic legal entity (determined under applicable federal tax laws) or a foreign legal entity (determined under U.S. rules) and you are considered the sole U.S. owner. You are a beneficiary of a trust created by the trust for another person, or you own (including in whole, or in part) the trust if you are not the other owner. Form 3520 is also used to report certain events relating to the transfer of assets of a trust in a manner  other than through a transfer of the trust property. If You Are A U.S. Owner The Form 3520 must be filed, in the United States, if the following applies to you​: You (i) have a controlling interest (as of the end of the tax year) in a trust other than a foreign trust (or, except as required by §2063.201, a trust you own). If you do not have a controlling interest (other than in a foreign trust) in a trust, you need to file Form 3520-EZ. (ii) had a significant interest in a trust at any time since January 1, 2017,, and you are the U.S. owner (or the foreign spouse, unmarried partner, or dependent of a U.S. individual), and you are making a substantial gift to that trust to which you are not the U.K. owner (or, except as required by §2063.201, a U.K. person other than the trustee). You are not required to file this form for a substantial gift when you receive a gift of a U.S. asset that you have a U.S. controlling interest unless you are required by §2063.201 to file this form.

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