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Old 03-02-2005, 10:32 PM
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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!
  #2  
Old 03-03-2005, 01:24 PM
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Posts: 1,848
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
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This post does not create an agreement to represent you before the IRS, nor does it invoke confidentiality regulations. Postings are based only on the information provided and you should consult a tax professional in your area before relying on information contained in this post.
  #3  
Old 03-07-2005, 09:03 AM
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Join Date: Feb 2005
Posts: 7

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.
  #4  
Old 03-07-2005, 11:32 AM
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Join Date: Aug 2003
Posts: 1,848
That would be safest, and wise.

Snipes
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This post does not create an agreement to represent you before the IRS, nor does it invoke confidentiality regulations. Postings are based only on the information provided and you should consult a tax professional in your area before relying on information contained in this post.
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