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Q. The best way to save taxes for my father

지역Florida 아이디j**lyj**l**** 공감0

조회1,487 작성일7/14/2010 3:23:38 PM

My father who lives in Korea and a Korean citizen wants to buy a house for me(U.S. citizen living in the U.S.) to live.
I'd like to ask which is the best way to save any taxes for buying $300-500,000 range house?
1. My father buys a house as his investment property and later add my name on the deed as a joint tenancy.
2. He buys it an an investment property and after he passes away, I inherit the property.
3. Buy a house as a joint tenancy now.
4. He pays gift tax in Korea and send the money and I buy the house with the gift money.

My father will pay for the house price and taxes in any case.
Thank you for reading and please give some advice!

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전문가 답변글

김태환 님 답변 답변일 7/14/2010 11:32:11 PM

No one needs to pay any taxes in the US in any of four cases. But in Korea, it's a different story. Tax amount and tax payer will be determined by Korean tax law because your father is a Korean citizen. So, in my opinion, you need to contact a Korean CPA/lawyer (not the US CPA) to estimate approximate value of taxes for those cases.
By the way, you need to report to IRS for the certain amount of gift or inheritance in the US tax system that is higher than what IRS has set as a ceiling. Possibly, you may have tax liability when you resell that house with capital gain in the future. And property tax will be assessed annually to the owner.

Thanks.