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Lillyandkip

Foreign cash „gift“ to purchase property

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I am a greencard holder living in the US. 

My parents are German citizens, living in Germany who want to buy a house in the US for me and my USC husband to live in. 

The house will be on their name and we wont be paying rent. 

They are sending money to my US bank account so I can Wire Transfer it to the Escrow company at the time of closing. 

I’m now wondering if that would be treated as a foreign cash gift or as something else? Technically they aren’t gifting me anything since the funds will be used to buy a house for them. Would I need to file form 3520 or something else? 

Any help would be appreciated!

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21 minutes ago, aaron2020 said:

A non-resident foreigner owning property in the US is not a simple matter.  Your parents should be discussing the purchase with a qualified accountant.  The US doesn't tax like the rest of the world.  

Thanks for your response!

im meeting with a tax specialist next week.

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On 11/3/2019 at 12:08 PM, Lillyandkip said:

Thanks for your response!

im meeting with a tax specialist next week.

Please update what comes out of this. It looks like I might be in a similar situation at some point soon. 

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