Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything you don't understand.
There is no tax to the recipient of a gift.
Is your father a US citizen & is the house in the US?
What if my father gift $ is $400,000
You need to answer my question in order that I can proceed.
No, he is oversea
I realize he is overseas, I just didn't know if he was a US citizen & where the house was.
He is not US citizen, neither us, but we have our green card since 2009
The house was oversea
I am going to "opt-out" & let another expert answer your question as I am not familiar with all the regulations concerning transfers of money from foreign countries to the US.
Hello,If you father that is a Nonresident alien o of the US gifts you any amount over $100,000 you will need to report the gift using form 3520. You would not be taxed on the gift but you must report. You as a green card holder will be taxed as a US citizen (you probably already know this since you have had a green card so long). This means that you will not be taxed on the gift but reporting is mandatory if the amount is over the $100,000.
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