I have received a money gift from italy. Should I pay any taxes or declare the money transfer?

Question

I have received money from italy from my parent to buy a house in US. What taxes should I pay and do I need to declare the trnsfer of money?

thanks

Answer 1

Gifts are not taxable to the recipient.

If your family gives you more than $100,000, you need to look at irs form 3520.  This helps create a paper trail that you received the gift and that his is not unreported income.  

Answer 2

if more than $10,000 you need to pay a gift tax on it

Answer 3

If the money is enough to buy a whole house, then you are likely to be up against the money laundering laws which kick in about $10,000 as I recall. Ask your bank and carefully document the source so some idiot doesn't claim it must be drug money and try to seize the house.  As far as taxes are concerned, gifts are not taxed to the receiver.