Offshore Real Estate Gift

[tb]

Somebody who has been living in the USA for the past four years (has a
Green Card) is going to get a house located in Switzerland as a gift
soon.

Are there any tax consequences from the U.S. (i.e. IRS) point of view?
Are there any IRS publications that address this situation?

Thanks.
--
tb

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[Alan]

On 7/13/16 11:04 AM, tb wrote:
> Somebody who has been living in the USA for the past four years (has a
> Green Card) is going to get a house located in Switzerland as a gift
> soon.
>
> Are there any tax consequences from the U.S. (i.e. IRS) point of view?
> Are there any IRS publications that address this situation?
>
> Thanks.
>

There are no tax consequences BUT depending on its value a
"US person" receiving a gift from a "foreign person" may have to report
it on IRS Form 3520, Annual Return to Report Transactions with Foreign
Trusts and Receipt of Certain Foreign Gifts. There are stiff penalties
for failing to file this information form.

https://www.irs.gov/businesses/gifts-from-foreign-person