topic Gift tax - I am a resident alien, and I got some money from my parents as a gift, if I give this money to another person as a gift, is there any kind of tax I may owe? in Get your taxes done using TurboTax

Gift tax - I am a resident alien, and I got some money from my parents as a gift, if I give this money to another person as a gift, is there any kind of tax I may owe?

kelsiyao — Wed, 05 Jun 2019 02:21:32 GMT

The emphasis is not on the part that I got this gift from my overseas parents, but is on if I give this gift to another person, do I owe any tax. Like if I need to pay tax before I give out this gift?

Thank you.

There is no tax on a gift that you give to another person...

Texas Roger — Wed, 05 Jun 2019 02:21:34 GMT

There is no tax on a gift that you give to another person. However, if the gift is more than $14,000, you must file a gift tax return form 709 and report the gift. The excess counts against your lifetime gift limit of $5,490,000 for 2017. TurboTax does not support form 709. You can download it from the IRS: https://www.irs.gov/forms-pubs