Good afternoon! I have one more question about my family. Thanks in advance! My parents want to sell their house in Ukraine. 1. If they will transfer money on my account here in the United States, would I have to pay taxes out of these money? 2. Is it better to transfer these money on my account before or after they will receive their green-cards through family in order to skip taxes? 3. Will these money be a problem for them to have a low-income status? Or if they will buy a property in the US can they still have a *household with the low- income* status? 4. Can my parents expect any social and financial support after getting their greencards through family in the state of Iowa? 5. My mother had a cancer before. Will it make any difference for her social support? Like food stamps, insurance etc.
If the money is given to you as a gift you do not have to pay taxes on this money. If your parents give you the gift while they are in the U.S.as permanent residents they will be subject to IRS regulations which limit the tax free amount they can transfer to you. They pay taxes on the excess not you. It would be better for them to transfer the funds before the establish residency in the U.S. Note I did not say before they get their green cards, people without green cars still pay U.S. taxes on transactions and earnings completed in the U.S.
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