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Old 12-06-2017, 01:55 PM
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Gift from parents who are in Europe to buy property in US

Hi, I am looking to try to figure this scenario out. I am about to purchase a condo in the Midwest, And my father overseas in Europe has offered to pay for it . If I have him simply wire me the money and use that money to pay for the condo, well he or I be subject to taxes here in the United States?
He does not care if he is on the deed, he will never likely live in the states, only just visit on occasion. Would appreciate any help! I don?t want to get whacked with a bunch of taxes!


Last edited by RaNay : 12-06-2017 at 02:11 PM. Reason: Update title


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Old 12-07-2017, 12:21 AM
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Hi, I am looking to try to figure this scenario out. I am about to purchase a condo in the Midwest, And my father overseas in Europe has offered to pay for it . If I have him simply wire me the money and use that money to pay for the condo, well he or I be subject to taxes here in the United States?=>No not at all.No worry.


He does not care if he is on the deed, he will never likely live in the states, only just visit on occasion. Would appreciate any help! I don?t want to get whacked with a bunch of taxes!=======>As said no woryy no gift tax?d be imposed on your father. However,aslongas you are a US resident/a citizen or a resident for tax purposes and receive more than $100K from a nonresident alien individual, then you must file form 3520 with the IRS; you do no 세묘 tax on the gifts but need to file form 3520 as an info return. You may be penalized if you do not file your Form 3520 on time or if it is incomplete or inaccurate. See the Instructions for Form 3520 for more details on penalties that may be imposed for not timely filing the Form 3520, or if the information is incomplete or incorrect, for failure to report foreign gifts, and/or for undisclosed foreign financial asset understatements.You must aggregate gifts received from related parties. For example, if you receive $60k from nonresident alien A and $50k from nonresident alien B, and you know or have reason to know they are related, you must report the gifts because the total is more than $100k.



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