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