I’m from the Philippines. I submitted Form 3520 to report gifts received in cash before the 15th of October deadline. I was just reviewing my 3520 submission copy today and I realized I must have made a mistake on the dollar to peso conversion rate.

    I used a separate sheet to list down each specific month the gifts were received.
    In one column, I listed down the values in Philippine Pesos. For the next column, the dollar to peso exchange rate and on the final column the converted value in dollars. I mistakenly used the 2024 monthly specific average dollar conversion rate as officially posted by the Phil Central Bank instead of the spot rate for the specific dates that I indicated.
    Do I need to submit an amended 3520? If so, how should I do it? Any help will be greatly appreciated.

    Need help amending Form 3520 (Part IV – Gifts)
    byu/Limp-Percentage-6003 intax



    Posted by Limp-Percentage-6003

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