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Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55699
Experience:  29 years of experience as a tax, real estate, and business attorney.
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We are a non USA residents couple. Our two adult chldren live

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We are a non USA residents couple. Our two adult chldren live in California and both are USA citizens.

We would like to donate money to them to by a property each. What would be the tax implications on both sides? One of them is married.

Thank you

Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good afternoon. Although non-USA residents, are you US citizens? Where are the property located that are to be gifted? Thanks.
Customer: replied 4 years ago.

No, we are Argentiniens citizens. The properties dont exist yet.


Thanks. So, do you simply plan on giving them money so they can purchase property in the U.S.?
Customer: replied 4 years ago.



Thank you! In that case there would be no U.S. tax on either of you. As a non-U.S. citizen, you are not subject to U.S. gift tax. And, there is no gift tax on recipients. And, since this is a gift and not income, there are no income tax implications. But, your kids will have to file Form 3520 with the IRS for any gifts to each of them in excess of $100,000 during any calendar year due to the money coming from outside the U.S. This is only a reporting requirement, however, and no tax will be due with the report.

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Customer: replied 4 years ago.

So, to fully understand. We give money to the children, they pay no tax at all?? If it is more than 100.000 dls a year , they file. If it is less they dont file anything? If it is more than 100000, there is no tax implications for none of the sides?

Thanks for following up. That is correct from a U.S. tax standpoint. I not an Argentine tax expert so I can't tell you what tax implications you have in your country.
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