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View Full Version : IRS laws on money tranfer taxes


mp8470
Apr 6, 2010, 08:46 AM
My sister in england wants to lend me money to buy a house in this country.
What the tax implications regarding this matter?
And also what is the best way(s) to transfer the money from england?

AtlantaTaxExpert
May 6, 2010, 01:21 PM
There are NO tax implications.

You WILL need to report the transfer using Form 3520, but that is done to simply track the money. No tax will be due.