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    taxqs's Avatar
    taxqs Posts: 1, Reputation: 1
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    #1

    Jan 2, 2012, 08:13 PM
    Buying a property using money wired from foreign person
    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?
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Jan 3, 2012, 02:04 AM
    Yes, you must file Form 3520.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Jan 3, 2012, 08:05 AM
    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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