Both my dad and I are Japanese citizens. I have been living in the US for 4 years, and I lived in Japan before that. My boyfriend and I are about to purchase a condo in the US, and my dad offered to gift 2500 man yen.
1. Do I have the obligation to report this gift to the Japanese National Tax Agency?
2. Do I have the obligation to report this gift to the IRS? Would I owe them anything?
3. I read that in the US, the person who made the gift has to pay the gift tax but my dad lives in Japan. Does my dad have to report anything to the IRS?
4. If I have to report this gift to the Japanese National Tax Agency, I am going to opt for *相続*時精算*課税* so that I can defer my tax payment until inheritance occurs when my dad crosses the rainbow. Is there anything I need to be aware of when using this rule?
Thanks!!
by floorpigeon
