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Money transfer to us from another country
Hi,
I have few question that I need to be clear. I am moving my parents to USA for good. My father has some property back home. We are in process to sell most of his property and bring the money to USA. Let's say his property value is about 6 million US dollar. 50% of the money he wants to transfer into his name and 50% of the money he wants to gift to me. What is the leagal way to do this. Do I have to pay tax on this money? He will pay tax in back home while selling his property. What to report to IRS? Should I get a lawyer to do all the paper works to be in the safe side? In this case, do you know which lawyer to get? |
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Certainly, with that kind of dough, it would be idiotic not to have a lawyer involved.
$3 million appears to be less than the lifetime estate basic exclusion amount (assuming they haven't raised it considerably for 2013), but again you should consult with a tax planning professional to be sure you have all your bases covered. Also, if he plans on leaving considerably more to you upon his death, there may be tax liability at that time. |
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