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While there would be no actual tax due, your brother would have to file
if he"gifts" more than $14,000 to more than 1 person per year
Yes thank you I read about that. So as long as they file the form when doing taxes there is no penalty.
They would incur no other expenses.
Would the money transfer be concerning if the bank saw a large transfer in terms of money laundering?
your brother could "gift" you $14,000, and gift your spouse, children, etc
There is nothing illegal about my sibling transfering the money to me?
and if your brother is married, his wife could do the same thing
and possibly avoid filing the form 709 all together
Unfortunately he has no spouse and I have no children.
The 50000 in conjunction with submitting the form is not bad
I don't think that $50,000 is going to raise much suspicion with the IRS
and you would have the sale of home HUD statement anyway
The only other issue is this, I live abroad and he lives stateside
So the money would be intl transfer as I have no US address yet and no bank acct there anymore
so I would likely buy from my foreign account when I am over to view
Is this all okay?
He is still bound by IRS rules (since he lives here) and will still have to file the 709 form
I would put the money in escrow likely
with an attorney there
can you hold just a second....I can't think of the # XXXXX the other form
The other form didn't apply to you....I didn't think it did, but just wanted to check to be sure
He files the 709 form, and that's all he has to file
ok so there is no real sticky wicket to worry about?
the 50000 is all he has to lose, no more.
he will be happy
I've been doing this for 27 years....and I've learned NEVER to say never when it comes to the IRS, but I certainly wouldn't hesitate to send you the $
i suppose another thing would be he could transfer the money to escrow, attorney handling transaction to save a step right?
that would be smarter right?
i like that idea better
As far as IRS rules, as long as he fills out the 709, it doesn't matter
if you look at the 709 form (link above) it appears it would be easier on your brother to send you the $
really! wow thanks for telling me that. you have been great!
i would think the contrary.
can you tell me where it says that on the form?
One would think so
Is that like a skip?
Schedule A page 2
asks for "Donee's information
that would be you
ok i shall read through thanks
You're most welcome