Apartment or cash gifting

grandpa gives me a million, ya just gotta shake your head at it all....as Buffet says somemone just wins the ovarian lottery.

It would be better if you asked an attorney familiar with the laws in his country and in the US.
It might be best to create a family trust funded by him, which would in turn hold the title of the apartment.

If he lives abroad it shouldnt be an issue since the Gift tax is related to the US estate tax. The only tax implications are on the gift giver not receiver. And if he is not a US resident he is not subject to the US rules. So short answer no tax implications. Think about it Receiveing 1 mil in a bank account would create a red flag possibly id have him buy the place for you since you have disclosure requirements for such a large bank account balance.

Buck up for an accountant or lawyer if you want more assurance than that.

Consult your tax advisor, because this is way too complicated to guess at. Where does he pay taxes? Where do you pay taxes? Where would he owe estate taxes upon death? What is the rest of his estate look like? And so on.

However, it is highly unlikely that it makes sense for him to buy the apartment and then gift it, as there may be two taxable transactions or at least fee generating transactions and there could be issues with your coop or condo. I suspect one option your tax advisor might consider is for gramps to "loan" you the money, and gift you the mortgage interest annually.

A shorter solution would be to ask gramps if he needs another grandkid to throw some coin at.

Sorry, steveF, but some people have more money. If they didn't steal it there isn't any reason to get nasty about it.

Advice to get counsel of a tax attorney with experience in international tax law is correct. You don't solicit opinions from the internet on a question of this weight. I also strongly suggest you find yourself a trusted INDEPENDENT certified financial planner (not one affiliated with a brokerage or bank). You can't be making decisions like this without considering long-term implications and financial planning. Good luck.