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IshmatUka
Level 1

Receiving Money from my Brother overseas to buy a house

Hi.

I am a resident alien /with a green card who will receive wired money/ money transfer

about $600,000 from my brother overseas (a non US citizen (Obviously :))

for us (me and wife ) to buy a house in that range paying it a full price .

do i need the 3520 form filled out and also how much is the tax from the $600,000 wired money do i need to pay. ?

Thank you !

 

1 Best answer

Accepted Solutions
Opus 17
Level 15

Receiving Money from my Brother overseas to buy a house

In the US, the recipient of a gift does not pay gift tax.  You must file form 3520 to report the gift, the deadline is the same as the tax deadline; for a gift received in 2020, the form is due April 15, 2021.  You file it separately from your tax return.  Turbotax does not prepare this form, you will need to do it yourself.

 

Naturally, if you hold the gift in an interest-paying account until the house closing, you will owe income tax on the interest. 

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*

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1 Reply
Opus 17
Level 15

Receiving Money from my Brother overseas to buy a house

In the US, the recipient of a gift does not pay gift tax.  You must file form 3520 to report the gift, the deadline is the same as the tax deadline; for a gift received in 2020, the form is due April 15, 2021.  You file it separately from your tax return.  Turbotax does not prepare this form, you will need to do it yourself.

 

Naturally, if you hold the gift in an interest-paying account until the house closing, you will owe income tax on the interest. 

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*

View solution in original post

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