yaj123
04-23-2008, 05:40 PM
Hi, I am trying to buy a house in the US. I need to bring money from India for downpayment. I am trying to find out the procedure for this. I have two choices. I need to bring atleast $50,000
1. Asking my parents to give me a loan or gift it to me. Not sure if this is taxable and its accepted by IRS.
2. Selling my NRI stocks in India and bringing it here. The catch here is, I need to inform my company if I sell stocks and it would be reflected in my W2. I am not sure if I need to pay tax again in US as I have made profit from my stocks.
Appreciate if anyone can share your experience with similar transaction. If there is any other better way to do this let me know. I also understand that when I use this as downpayment I need to explain the bank how I got this money.
Thanks
1. Asking my parents to give me a loan or gift it to me. Not sure if this is taxable and its accepted by IRS.
2. Selling my NRI stocks in India and bringing it here. The catch here is, I need to inform my company if I sell stocks and it would be reflected in my W2. I am not sure if I need to pay tax again in US as I have made profit from my stocks.
Appreciate if anyone can share your experience with similar transaction. If there is any other better way to do this let me know. I also understand that when I use this as downpayment I need to explain the bank how I got this money.
Thanks