House Purchase in Cash

[stalgeh]

I have a client with a permanent residence status "Green Card" received a transfer of $300,000 from a husband to buy a house. The husband working overseas who is not holding a citizenship or permanent resident status in US. My question is the amount is taxable and if it is, how I can treat this amount in 1040 form? Is there any additional reporting needed for example treasury department?

[Golden Rocket]

Sounds like an advance

Sounds like an advance to a spouse, or at worst a gift. If husband is not a US citizen, we can only answer what the effect would be on US taxes (I believe to be none), and not on wherever his domicile or citizenry.

Also, even if in cash, any purchase of a house (land or real estate) MUST be recorded at value by the Statute of Frauds. Any discussion about the house or basis should center around the recorded value.

[Lion]

Probably all kinds of banking paperwork, but that's above my pay grade.

[ATSMAN]

I have a client with a permanent residence status "Green Card" received a transfer of $300,000 from a husband to buy a house. The husband working overseas who is not holding a citizenship or permanent resident status in US. My question is the amount is taxable and if it is, how I can treat this amount in 1040 form? Is there any additional reporting needed for example treasury department?

I believe there is a form 3520 I think,that needs to be filed if you receive gift from non US citizens from a foreign country. I seem to recall we had to do one several years back when my client received a large transfer from her folks in Italy.