Money on loan from brother living abroad

My brother lives in Europe and he is giving me some money on loan to buy a house. The money will come through a wire transfer from his bank account in Europe into my bank account in US.
Are there any taxes that I will have to pay? Would I need to explain the origin of the money to anybody (IRS)?
Thanks!

If it's more than !0,000, your bank will have to report the transaction, but not to the IRS. It isn't taxable.

You will only have to explain it to the mortgage company if you have one.

Snipes

Contract?

Thanks for your answer.
Do I need to have a contract to prove that I'm borrowing this money, so that it won't look like a gift?

Thanks.

That would be safest, and wise.

Snipes