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Funds form Parent 250K

February 03, 2017 • Anonymous • Log In to Post Comments

Client is on a L1 visa, parent gave him 250K to purchase the home, wire transferred from Parent's account from overseas to son's a/c in US,,he is not a US citizen or a Green card holder,he resides overseas.he is a 100% shareholder of a US corporation, for which his son runs it.

How to treat this and does it require to issuing iof a 1099?

 


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Look at form 3520. Should be a good starting point.

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