I have a similar issue. I'm on a non-immigrant visa (F1) in the US, and I need to send around $50000 to my parents, who live overseas, to support them financially for buying a house in their country. My parents supported me financially for my education in the US. I have two questions:
1. Is this payment of $50000 considered as a gift?
2. If so, do I have to pay gift tax or submit form 709?
