userMay2012
May 27, 2012, 08:01 PM
Hi there,
I have researched similar questions on this forum, but I think my case is unique enough to warrant a new thread... My apology if this has been asked before. Your help will be very appreciated!
The facts:
I am living in America as an H1B visa holder.
My whole family is in my home country. My youngest brother was born in the US 12 years ago. My mother and father were in the US on J visa when he was born. They left the US months after that.
My father has since come back to the US on short trips with B1 visa several times.
The goal:
To send money from home country to US to buy a house (~300k). The sender would be my parents who are foreign nationals. The recipient would be my brother, a 12 year-old US citizen who is not yet in the US. The recipient cannot be me, because my home country would not allow the transfer to happen.
The questions:
Will anyone have to pay any tax?
Will someone need to fill out form 3520? If so, can I do it on my brother's behalf, since he is still too young? Do I have to claim any special relationship with him in order to do it?
I plan to open an account for my brother using his ID and SSN. I was told by a bank that this is allowed. He does not have to be present in the US for this transfer to happen, correct?
Thank you!!
I have researched similar questions on this forum, but I think my case is unique enough to warrant a new thread... My apology if this has been asked before. Your help will be very appreciated!
The facts:
I am living in America as an H1B visa holder.
My whole family is in my home country. My youngest brother was born in the US 12 years ago. My mother and father were in the US on J visa when he was born. They left the US months after that.
My father has since come back to the US on short trips with B1 visa several times.
The goal:
To send money from home country to US to buy a house (~300k). The sender would be my parents who are foreign nationals. The recipient would be my brother, a 12 year-old US citizen who is not yet in the US. The recipient cannot be me, because my home country would not allow the transfer to happen.
The questions:
Will anyone have to pay any tax?
Will someone need to fill out form 3520? If so, can I do it on my brother's behalf, since he is still too young? Do I have to claim any special relationship with him in order to do it?
I plan to open an account for my brother using his ID and SSN. I was told by a bank that this is allowed. He does not have to be present in the US for this transfer to happen, correct?
Thank you!!