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    newhomebuyer1's Avatar
    newhomebuyer1 Posts: 1, Reputation: 1
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    #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
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    #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
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    #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

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