I have a very peculiar personal tax situation. My father who isn't a US citizen for tax purposes nor he lives in the USA, sold a property located outside the USA. The buyer, who is an US resident purchased the property and instead of transferring the funds to my father, he transferred the funds to my US bank account as per my father's instructions. My father has given me this money as a gift or sort of an early inheritance, but I'm not sure how to categorize it. The total amount is $50K USD. I tried to correlate it to a miscellaneous income but none of the alternatives really meet the scenario. My father has no relation whatsoever with the US in terms of taxes , I don't know if I can simply indicate to the IRS that this is a foreign gift with the caveat that the funds originated domestically (US bank to bank transaction). Any suggestion about how to handle this situation will be appreciated.
