Gifted home

[shipwreck pep]

My in-laws are going to buy a home for us straight out and I'm worried about the potential tax implications on us.

Here are the details:

Home price is a bit over 450K.
They are foreigners living in another country.
The house will be in my name, but I will be making voluntary payments to them in return for buying the home for us.

I'll be paying the property taxes, HOA fees, and Insurance.

How bad is the government going to penalize me?

[TreesBikesLove]

Talk to a lawyer.

[GizmoTX]

Gift recipients don't pay tax.

[MustacheAndaHalf]

https://www.irs.gov/businesses/gifts-from-foreign-person
"... foreign gifts are not subject to income tax"
However!
"The IRS may re-characterize purported gifts from foreign partnerships or foreign corporations as items of income that must be included in gross income."

To avoid having $450,000 added to your income, you might want to consult with a tax attorney.

[shipwreck pep]

Thank you all for your replies. I am reaching out to an attorney today.