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Transfer funds to usa
I am a Canadian citizen but my son is a resident alien in the USA and is married to an American. I would like to lend him around $120,000 interest free to pay his mortgage. Can I transfer this amount to him without any problems? Are there any implications that we should know about? Thanks for your help
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You can transfer this amount into the US without concern. However, be careful about the loan part - the IRS could determine that you are not making a loan but a gift, and they could assign an assumed interest amount to the loan, which they would then say is income to you. More reading here: Loans Among Family Members at SmartMoney.com |
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