This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.
I live in the USA, and am in the fortunate situation of being offerred about 350K US from my parents in Canada to buy a house here in the states. Are there any gift tax issues with either government that we have to deal with assuming the we put the house in my name? I understand the in the US, parents can only give a certain amount to their kids per year to avoid estate taxes. Is this the case with gifts from "overseas"?