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Monetary Gift from Oversees: What are Options & Implications?

Discussion in 'Individuals' started by jbhanger, Jul 2, 2012.

  1. jbhanger

    jbhanger Junior Member

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    My in-laws are planning to give us money (around $300K) to help us purchase a new house in the US in 2013. They’re not permanent US residents but are frequent visitors to the US. The money will be a gift and can be transferred via joint bank accounts. My wife and I are naturalized US citizens originally from the Philippines and are two young children were both born in the US.

    We want to maximize and get much of the monetary gift. What is the best way to acquire the gift and use it to purchase a house with minimal legal, tax and security implications? Should my in-laws be US residents or can they remain non-US residents to gift us with money for a house? What other immigration, tax and legal issues should we consider or expect when accepting a gift of that amount and use it to buy a house.
     
  2. Ron Gotcher

    Ron Gotcher Attorney at Law

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    Re: Monetary Gift from Oversees: What are Options & Implications?

    You need to consult with a tax specialist as to how to structure this. Generally, in the U.S., we tax the person who gives the gift, not the person who receives it. If the giver is not a U.S. resident, and the funds are coming from abroad, you should be able to structure it so that there are no tax consequences. This is why it is very important that you speak with a tax specialist before you do anything more.
     

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