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Some of my relatives would like to donate or move an apartment on my name. However, there are a few things...

  1. I am a Romanian citizen living in the US (on a non-immigrant visa)
  2. The apartment is in Romania
  3. My relatives will still live in that apartment

My questions are:

  1. What are the tax implications for me, as a Romanian living in the US? Do I have to pay any taxes for this operation?
  2. Can the apartment be "donated"? Or will it be a gift?
  3. Where should I seek more information about this in the US?

PS: I will not charge rent or something for the apartment

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1 Answer 1

What are the tax implications for me, as a Romanian living in the US? Do I have to pay any taxes for this operation?

I have no idea what are the implications as a Romanian, but as a US resident there are not much at this time. You need to document the value of the gift when it was given, and the price paid for it when it was bought (in case you sell it while being a US resident - you'll need it). If you get any income from it, then you have to declare it of course.

You should also declare the gift (if its value is over $100K if I remember correctly) on your tax return, but no taxes to pay.

Can the apartment be "donated"? Or will it be a gift?

Can you explain to us what is the difference that you perceive between the two?

Where should I seek more information about this in the US?

A good CPA/EA with experience with foreigners. You have to get a professional advice before doing anything.

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