Hello,
My mother (not a US citizen) sent me (an H1B - a legal resident of US) $110k to purchase a property which will be used as my primary residence. Is there a tax consequences for this? Do I just need to fill out form 3520 and that's it?
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Hello,
My mother (not a US citizen) sent me (an H1B - a legal resident of US) $110k to purchase a property which will be used as my primary residence. Is there a tax consequences for this? Do I just need to fill out form 3520 and that's it?
Yes, you must file Form 3520.
Agreed; the Form 3520 WILL be required, but that is an information return.
No tax will be due on this money transfer.
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