Ask Experts Questions for FREE Help !
Ask
    newhomebuyer1's Avatar
    newhomebuyer1 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    May 2, 2010, 09:21 AM
    Being gifted 50K from a non-US citizen
    I am a US citizen who is trying to buy a house for the first time, my boyfriend who is Canadian gifted me $26K by way of a cashiers check from his Canadian bank, he will be giving me another $24K in the same manner. This monies sole purpose is for a downpayment on a house, should I be concerned about the gift tax or anything else for that matter dealing with the IRS?
    tickle's Avatar
    tickle Posts: 23,796, Reputation: 2674
    Expert
    		  
    #2

    May 2, 2010, 10:40 AM

    No, you shouldn't be concerned, but your bank may want to know where the large amount of money is coming from, quite naturally. Your b/f in Canada may have to pay gift tax though.

    Tick
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #3

    May 2, 2010, 10:55 AM

    He needs to "loan" you the money, have a contract written up. Since it would be a loan, it is not a gift. Plus he is protected if things go bad
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

If I made 50k how much do I get back for taxes [ 3 Answers ]

I made 54,000 this year and I haven't got a w2 yet but I was wondering about how much I might see, I'm from Maine so ill probably get riped off but I claime 0 and I don't have any kids I have pay for. Please write back >e-mail removed< thank you

You.S. Citizen married to you.K. Citizen currently living in UK and wanting to move to US [ 7 Answers ]

Hello, I am a US citizen (24 years old) currently living in the UK with my husband (30 years old) who is a UK citizen. We were married in Nov. 2007 in California which is where I am from. I am currently living with him and working as I obtained a UK Spouse VISA. My VISA runs out in July and am...

Can I put in a different size modem for dial up connection? In older computer w/50k [ 2 Answers ]

Trying to help a friend who wants to keep his older computer. His modem broke. He says it had a 50kbps DIAL UP modem. He says They don't make them anymore. I recommended that he may be able to put in a 56K modem, even Though it used to have a 50k modem. He is in Mexico. And other people do...

View more questions Search