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I'm a US permanent resident non-citizen living in Ca. My

Customer Question
parents are Japanese, live in...
I'm a US permanent resident non-citizen living in Ca. My parents are Japanese, live in Japan. They'd like to give me 100K dollars for a down pmt on a house. What are the tax implications if that gift?
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: No, I'm a US green card holder, live and work in the US. My parents are Japanese and want to give me 100K dollars, that's all.
Submitted: 1 year ago.Category: Tax
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Answered in 19 minutes by:
9/16/2016
Tax Professional: Barbara, Enrolled Agent replied 1 year ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,024
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

If you are a U.S. resident for tax purposes, you are required to REPORT the gift from your parents on Form 3520 if it is MORE THAN than $100,000. You will not pay tax on the gift.

https://www.irs.gov/uac/about-form-3520

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Tax Professional: Barbara, Enrolled Agent replied 1 year ago

Just following up with you to see if you have any other questions. If so, please let me know so I can further assist you.

Best regards,

Barb

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Barbara
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,024
4,024 Satisfied Customers
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

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