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Does an unemployed green card holder need to file taxes for wire transfers to his/her US bank account from his/her parents' Indian bank account (also green card holders)?
I am a green card holder and currently self-studying for medical licensure exams (therefore no enrollment in any program/institution) and I am supporting myself through money sent by my parents (also green card holders) on a monthly basis from their bank account in India, do I have to file any taxes in the US? The money is being sent from an Indian bank account (theirs) to a US bank account (mine) from their income earned in India which is already taxed there. Does the situation change for me or them in any way if they become joint holders on my US bank account?
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Does an unemployed green card holder need to file taxes for wire transfers to his/her US bank account from his/her parents' Indian bank account (also green card holders)?
You don't need to file an INCOME tax return since you had no income ... gifts from anyone is not taxable income to be reported on a return.
Your parents may need to file a gift tax return since they gave you more than $30K in 2018 ( $28K in 2017)... form 706 is not support by TT and you will need to file a form 3520.
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Does an unemployed green card holder need to file taxes for wire transfers to his/her US bank account from his/her parents' Indian bank account (also green card holders)?
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Does an unemployed green card holder need to file taxes for wire transfers to his/her US bank account from his/her parents' Indian bank account (also green card holders)?
An IRS Form 709 is a Gift Tax Return and is not supported by TurboTax.
Go to this IRS website for a Form 709 - <a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/f709.pdf">https://www.irs.gov/pub/irs-pdf/f709.pdf</a>
Go to this IRS website for a Form 709 instructions - <a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/i709.pdf">https://www.irs.gov/pub/irs-pdf/i709.pdf</a>
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