cash gifts from canada to usa

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gifting
Posts: 1
Joined: Wed Jul 20, 2005 6:03 pm

cash gifts from canada to usa

Post by gifting »

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"?

Thanks for your help.
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nelsona
Posts: 18704
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

You and your folks are fine.

If it were the other way round, with the US person giving to the Cdn, there would be issues, but not in your case.

<i>nelsona non grata... and non pro</i>
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