My friend is selling a property in India next month, and she's going to pay all the taxes in India.
What's the procedure to get the funds from India to the USA? She has an NRO account and is a USA citizen.
Should she fill out any IRS forms this year to let them know where the funds are coming from?
She's going to be my private lender, paying my mortgage, and then I am going to pay her monthly. Do I need to fill out any IRS forms, or would it be considered a gift? If yes, how much would be the gift percentage even though we are going to have a loan agreement?
- Can she transfer the funds directly to my mortgage company from India, or should she give me the funds in India, and then I can bring the money to the USA or pay it directly to the mortgage company?
Thank you in advance.
