My mother is a US resident (green card holder) and an Indian citizen. I am a US citizen. Both of us file taxes in the US; she, of course, files taxes in India as well. We are trying to understand tax implications for both of us (wrt US tax filing) if she needs to transfer money from India to US to me as a gift.
What do we need to know? Wha should we be mindful of? What's a smart way to plan this out to save on taxes? Also, can TurboTax help us with the US tax filings in this scenario?
Thanks,
JS
