Hi to all, my uncle is a US citizen, he owns some real estate in Ireland and he would like to gift said real estate to me. I am not a US citizen and have double nationality (irish/italian), I gather the US has signed tax treaties with both of these countries.
The value of the property obviously exceeds the 19000 annual gift limit for 2025, but could my uncle report this gift to the IRS and be spared paying any gift tax by tapping into his Lifetime Gift Exclusion Amount (BEA?) which for 2025 amounts to 13.99mil?
In other words, do the gift tax rules also apply to gifts made to foreign citizens with real estate that is not on US soil. And, gift tax apart, are there any other taxes to be paid for this donation?
Thanks for you kind help guys,
Best
Jul
