Real Estate Investor · Piscataway, NJ · Member since 2012 · 167 posts · 19 votes
My dad in India who has some cash would like to invest in real estate with me. Anyone knows what is the best way to bring it to USA? Will I need to pay tax on it here in the US before investing? Can he gift it to me? Thanks.
Real Estate Investor · Issaquah, WA · Member since 2013 · 22 posts · 1 vote
13y
Good question, one that I'm interested in seeing other's responses too. I'm wondering if there's a particular amount that might red flag the IRS when wiring over.
Wholesaler/rehabber · Arcadia, FL · Member since 2013 · 341 posts · 22 votes
13y
a international bank should work just fine i believe. hsbc i know has branches in the us and over seas but you should talk to a banker personally. they would be able to tell you whats the best course of action. chase is a good one to
Investor · Marin County · Member since 2013 · 9 posts · 1 vote
13y
Hi Abdul,
Gifts are not taxable to the receiver of the gift. Gift tax is charged to the giver of the gift IF they are a US citizen and IF the gift given is over $1,772,800 (2012 number). The receiver of the gift files a gift tax return using Form 709.
As far as banking, third party wires are commonly used to fund new accounts.
Investor · Singapore · Member since 2013 · 1k+ posts · 3k+ votes
13y
You can receive as much money as you want without any tax implication as a gift. As long as your father is not a US citizen or resident, he is not liable to IRS either. Your father will be limited by RBI rules in India about how much foreign exchange can be transferred in a given year. You can get a direct wire transfer into a US bank from any major Indian bank. I have used HFDC but any of them will do it. On a side note, rupee is rather weak now so I dont know if its the best timing to buy dollars. Of course it could get weaker too.
Real Estate Investor · Piscataway, NJ · Member since 2012 · 167 posts · 19 votes
13y
Thanks ANISH TOLIA for that. Agreed on the weak rupee front, it baffles me as to whats going on. Same with gold/silver. It is weakening my ability to invest at this time unfortunately.
Investor · Singapore · Member since 2013 · 1k+ posts · 3k+ votes
13y
Whats going on is slow growth and high inflation in India is pushing rupee down while at the same time Fed is signalling cutting back on QE and overall strengthening the dollar. Strong dollar also equals weaker precious metals.