Tax implications of parent's help in down payment of home .. also posted in tax forum

What is the name of your state? CALIFORNIA

Hi ... I am a first-time homebuyer starting the process of looking for a house. My parents (who live outside the U.S. and are not U.S. residents or citizens) are going to help me with the down payment of my house. Since this is a large amount, in excess of $100,000, I want to make sure that there are no tax implications to me.

Can anyone give any advice here? Does the $11,000 max for tax-free gifts apply here? Or can I receive $100K without any tax implications? Should I claim this as a personal loan instead ... and if so, what does that involve? I don't want to end up paying taxes on this generous gift my parents are giving me to help me with my first home.

Thanks.

[HomeGuru]

Originally Posted by homebuyer55

What is the name of your state? CALIFORNIA

Hi ... I am a first-time homebuyer starting the process of looking for a house. My parents (who live outside the U.S. and are not U.S. residents or citizens) are going to help me with the down payment of my house. Since this is a large amount, in excess of $100,000, I want to make sure that there are no tax implications to me.

Can anyone give any advice here? Does the $11,000 max for tax-free gifts apply here? Or can I receive $100K without any tax implications? Should I claim this as a personal loan instead ... and if so, what does that involve? I don't want to end up paying taxes on this generous gift my parents are giving me to help me with my first home.

Thanks.

**A: duplicate thread.