I would like guidance on the following situation from a IRS reporting standpoint:
- I'm a US citizen and I file my US taxes returns annually
- My father is a non-US resident / alien and living abroad
- My father owns a foreign property which he intends to sell to a buyer who is a US citizen residing in the US
- My father would like the proceeds from this property sale to be sent by the US buyer from his US bank account to my US bank account
- My father will gift the amount to me
- The money will be transferred directly from the buyer to me - it will not come from my father
How should this be reported to IRS? Apart from 3520, are there any other forms that need to be filled?
Are there any forms my father needs to complete?
Thank you.