a/ Montenegro
b/ Yes I have US citizenship
c/ The purchase price will be around $385K.
Since I will be transferring money to my sister account, is this considered a gift for tax purposes. even though she is going to buy property for me and in my name. I gave her authorization to do that.
Then I need to file form 709 correct? I was told, if i send money oversees to any account other than my own, it is considered a gift, no exceptions.
My understanding is that I won't owe any taxes until 12 Million limit is reached.
Thanks
