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My wife and I wanted to buy a house, but I am non US citizen…

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hi, my wife and I...
hi, my wife and I wanted to buy a house, but I am non US citizen and rates would be better if she had the mortgage in her name. the money in our joint account, and any money we have, could I theoretically gift it to her? for this mortgage to be in her name and my question is, would this get taxed or be taxed free? we are in new york city.
Submitted: 2 years ago.Category: Tax
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Answered in 1 minute by:
1/8/2016
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,404
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi,

...

Hi- I hold a JD (Juris Doctorate, a doctoral degree in the law), concentration in Tax Law & Corporate law,an MBA (specialization in finance& tax), and BBA from Mercer University’s Stetson School of Business and Economics, as well as CFP® and CRPS designations.

I can help here

...

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

If you are a tax resident (Citizen, green card or pass substantial presence test) the gift taxes ( a transfer tax) work the same for you as any US citizen ... unlimited gifts between spouses.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

If the money is already IN the joint account, and she has the income to underwrite the loan successfully, it would be her buying the property.

...

Then (for the same reason as above) if you want to be ON the deed, she could always gift you joint ownership (essentially giving you a 50% interest) in the house.

...

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

If you are NOT a resident (and therefore considered a non-resident alien for tax purposes) you can still gift an unlimited amount, but would need to use form 3520 simply to DISCLOSE to treasury (still not taxed, but gifts form foreign persons must be disclosed - this is a money tracking, for purposes of money laundering and other illegal purposes form NOT a tax form)... IF the gift is in excess of 100,000

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

But again, if the money is already there and she buys the house in her name there IS no gift other than her potentially gifting you joint ownership after she buys.

...

Please let me know what questions you have from here

...

Lane

...

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

Hi,

I’m just checking back in to see how things are going.

Did my answer help?

Let me know…

Thanks

Lane

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