Buying a home in the US after getting my green card

frenchcap

New Member
Keeping my fingers crossed after the interview.

Anyway, I was considering buying a condo after I have settled in the US after getting my green card.

my parents wants to give me some money to either pay in full or at least half the property.

what are the tax liabilities on that amount of money that they gave to me before I moved to the US?

the only reason why they are giving me the money is I don't have a job right away to do a bank loan and it would help me settle in faster.
 
You will have a hard time getting a loan without a job.
You won't have any tax liabilities because technically this is money you would have been given/earned before you became a PR which means before you assumed any US tax liabilities. Unless of course, you were working in the US with a SSN before the green card.

Depending on where you want to settle, you will find today's market very tough.

First get your money in an account in your name, wherever it may be. Second, get to the US and get a job. Stay at that job for a few months, minimum of 6, then you can think about buying a place. Unless of course they give you all the money, then you don't have to get a loan for the rest.
 
well said kuku-mjaluo. buying from the onset would be a decision that better waits for a while. @frenchcap, go see, taste, feel and judge for yourself.
And go out in the spirit of a dreamer! All you need to make dream come true is you yourself and you! Unless the going gets tough somewhere down the road, let parental help come later, if it must, and to save a rainy day.
 
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