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Question

Receiving $100k gift from family overseas to help with down payment - Do I have to pay taxes?

Forum|Forum|8 years ago
March 30, 2018
1 reply
0 views

My family from overseas is looking to help me with the purchase of a house. Let's say they want to help me with a $100k gift. Do I have to pay taxes on this gift? Do I have to report this gift to the IRS? Would they have to pay taxes to the US government? Thank you.

Employee

Legitimate gifts are never taxable income to the receiver. However, gifts that you receive from a foreign person or corporation must be reported to the IRS on form 3520 if the gift is more than $100,000 from a person or more than $14,000 from a foreign corporation. The deadline for filing form 3520 is also April 15, but it is not part of your regular tax return and it is not a form included in TurboTax.

https://www.irs.gov/businesses/gifts-from-foreign-person