Tax on gift from parents?
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kayla
Apprentice
Joined: 17 Aug 2007
Posts: 6
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 Posted: 01/12/08 - 05:37 Post subject: |
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| Hi. I am a US citizen through, while my parents, who are still living in my country of origin, are not. They have decided to help me and my husband to buy a house, and have sold their own property. This is in lieu of any inheritance. The question is whether we have to pay tax on this??? |
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jonah
Apprentice
Joined: 11 May 2005
Posts: 6
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| Posted: 02/11/08 - 00:05 Post subject: |
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| There should not be any tax. There are different rules relating to gifts from close family and any other gifts. You should fill in the form 3520 and send it off. If youo have any other question - do ask on this forum, as it is always better to be safe than sorry. |
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