Hi everyone!

My parents who are South Korean citizens are wanting to help us with the down payment of purchasing our first home. I am a US citizen and my wife is a permanent resident. Does anyone know what the tax implications of them sending between $50-100k is from our end and their end? I am thinking wiring the money would be the best option. I currently have a Citibank account and my parents in Korea have a Citibank account as well. Not sure if that would help. I am just worried that there would be taxes that need to paid on this. It really is a gift from them. If anyone can help, that would be great.

Ever think about making it a loan?

Such a transfer from your parents may require you to submit Form 3520 to inform the IRS the nature of the transfer if it exceeds $100,000.Otherwise, it is a gift from your parents. Since they are NOT U.S. residents or U.S. citizens. No gift tax return is required.