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Visitor II

Gift money from parents who live overseas, what are my tax implications?

My parents is helping me to purchase a new home, and they wanted to wire me money internationally. 

 

The total amount is about $300k. 

 

They are not a citizen of the USA and I am in USA on work visa and from tax perspective is resident alien.

 

What do i need to do for this process? Paying taxes, reporting gift income? 

 

Thanks

1 Comment
Catalyst V

Gift money from parents who live overseas, what are my tax implications?

Gifts received are not reported on a tax return, regardless of the amount received.

 

Since the gift received is from a foreign person and the amount received is over $100,000 you will have to report the amount received to the IRS using Form 3520.  This is an informational form only and not a tax return.

 

Go to this IRS website for the Form 3520 - https://www.irs.gov/forms-pubs/about-form-3520