Hi,

I'm currently a H1B work permit holder in the States, and I'm looking into buying a house. My parents are not US citizens, and not resident of the States, and they are living in a my home country. However, they do hold SSN (acquired >10 years ago when they worked temporarily in the States). They are willing to wire transfer some money (less than $100,000) from their account (in my home country) to my bank account in the States. And I'm wondering if there will be any gift tax implications in this case.

An additional question, if my parents send me $100,000 and my parents-in-law send me another $100,000, do I need to report the gift? What if parents-in-law send to my wife's account?

Thanks a ton for any help!
-Jeff

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Originally Posted by jeffzhang

I'm wondering if there will be any gift tax implications in this case.

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No - gift taxes are applicable only to citizens and residents of the US. Your parents are neither, so they have no gift tax issues.

Quote:

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Originally Posted by jeffzhang

An additional question, if my parents send me $100,000 and my parents-in-law send me another $100,000, do I need to report the gift?

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No - recipients of gifts do not need to report gifts to the IRS. However, any transfers >$100K from foreign countries typically have to be reported on Firm 3520 even though there is no tax on transfers.