QUESTION

Can I purchase the property using money that I received from outside of US? Will I have to pay any interest or taxes since it''s from outside of US

Asked on Jan 05th, 2012 on Real Estate - New Jersey
More details to this question:
I''m a legal resident in the USA. My brother lives in Europe and he wants to buy property in the US. So he wants to transfer money to me from outside of US so I could buy it for him. It would be all cash purchase and he is looking to spend about $150 000. Do you know if I can purchase the property using money that I received from outside of US? Will I have to provide any documents stating where this money came from and do I have to pay any interest or taxes since this money will come from outside of US? Thank you
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1 ANSWER

Estate Planning Attorney serving New York, NY
1 Award
There is no American law preventing what you want to do.  People do it all the time.
Answered on Jan 08th, 2012 at 11:21 PM

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