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.
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