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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15453
Experience:  15years with H & R Block. Divisional leader, Instructor
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My father (who is oversea) sold his house, and he wanted to

Customer Question

My father (who is oversea) sold his house, and he wanted to give a proportion of the sale to us (biological children), each of us will get $300,000. How much I need to pay for tax?
Submitted: 5 years ago.
Category: Tax
Expert:  Stephen G. replied 5 years ago.

Stephen E. Grizey :

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.

Stephen E. Grizey :

There is no tax to the recipient of a gift.

Stephen E. Grizey :

Is your father a US citizen & is the house in the US?

Customer:

What if my father gift $ is $400,000

Stephen E. Grizey :

You need to answer my question in order that I can proceed.

Customer:

No, he is oversea

Stephen E. Grizey :

I realize he is overseas, I just didn't know if he was a US citizen & where the house was.

Customer:

He is not US citizen, neither us, but we have our green card since 2009

Customer:

The house was oversea

Stephen E. Grizey :

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.

Expert:  Robin D. replied 5 years ago.

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.

Thank you in advance for clicking ACCEPT

Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15453
Experience: 15years with H & R Block. Divisional leader, Instructor
Robin D. and 3 other Tax Specialists are ready to help you
Expert:  Robin D. replied 5 years ago.
Thank you