Canadian gifting money to their US citizen Son

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Question

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

XXXXXX

Answer

Hi XXXXXXX

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.

Regards

Phil

Phil Hogan, CA
250-661-9417

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