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Question

I am a US resident (green card) and I expect to receive a gift from my parents (Italian residents and citizens) of approx $ 120,000 to use as a down payment for buying a house here in US. Do I have to report and/or pay taxes on the gift? Also, I am planning to apply for US citzenship and I was wondering if the taxability of this gift would be different for green card holders vs. US citizens. Thank you!

Submitted: 48 days and 12 hours ago.
Category: Tax
Value: $15
Status: CLOSED
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State/Country relating to question: New York

Posted by Robin D 48 days and 11 hours ago.

Answer

Hello XXXXXXXXXXXX, Your parents are subject to the tax laws of their country; therefore, if any gift taxes are due under those laws they would file there. They are not subject to U.S. Gift Tax laws. Below publication, although it does not apply to foreigners, contains useful information on estates and gifts for U.S. taxpayers. http://www.irs.gov/publications/p950/ar02.html#d0e226 The rule is the same even if you become a citizen. The giver would pay any potential tax not the receiver of the gift. I sincerely hope this information is helpful,

48 days and 9 hours ago.

Reply

Do I have to file form 3520 when I receive the gift?

Accepted Answer

According to Form 3520 Instructions on who must file, if you receive more than $100000 then you must file the form. Here is the link tot he iRS info on foriegn gifts; http://www.irs.gov/businesses/article/0,,id=200722,00.html

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Expert: Robin D
Pos. Feedback: 100.0 %
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Answered: 10/7/2009

Senior Tax Advisor 4

15years with H & R Block. Divisional leader, Instructor

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