Hello.. Can you please answer for me: I am Canadian, and my grown son lives in the USA, and recently became a US Citizen. If I “gift” him money (such as for a down payment on a house).. will he be required to report this on his taxes?
I searched everywhere on the IRS website without any luck.
Thanks for your help
As long as you are not a US citizen and you don’t plan on gifting your son more than $100,000 (would need to file form 3520) you shouldn’t (or you son) have any tax considerations to worry about.
Only the donor (if a US taxpayer) will be liable for gift taxes.
Hope that helps.
Phil Hogan, CA