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Transfer 50K from U.S. to another country as a gift, do I need to file any tax forms?
I am not a US citizen and don’t hold a green card. I have lived in the U.S for 7 years and am now holding an H1B visa. If I need to transfer $50K from the U.S. to a foreign country (as a Gift), do I need to file any tax forms?
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Transfer 50K from U.S. to another country as a gift, do I need to file any tax forms?
Since you have lived in the US for seven years, you are considered as a US resident for tax purposes. For reporting purposes, you will need to file a Form 709 United States Gift (and Generation-Skipping Transfer) Tax Return. However, you do not need to pay any gift taxes for the year 2017.
Per IRS, as a donor who delivers the gift, you do not report any gift taxes unless it exceeds $14,000 ( For the year of 2017) per person. As TurboTax does not support Form 709, you can download it from the IRS website and fill it out per the Form 709 instructions.
PLEASE NOTE THAT you will not owe any taxes unless your lifetime gifts exceed the maximum exclusion of $5.4 million. However, you have to file a Form 709 every year when the total gift amount you give out exceeds the annual exclusion amount so that they can be counted and calculated against your lifetime exclusion
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Transfer 50K from U.S. to another country as a gift, do I need to file any tax forms?
Since you have lived in the US for seven years, you are considered as a US resident for tax purposes. For reporting purposes, you will need to file a Form 709 United States Gift (and Generation-Skipping Transfer) Tax Return. However, you do not need to pay any gift taxes for the year 2017.
Per IRS, as a donor who delivers the gift, you do not report any gift taxes unless it exceeds $14,000 ( For the year of 2017) per person. As TurboTax does not support Form 709, you can download it from the IRS website and fill it out per the Form 709 instructions.
PLEASE NOTE THAT you will not owe any taxes unless your lifetime gifts exceed the maximum exclusion of $5.4 million. However, you have to file a Form 709 every year when the total gift amount you give out exceeds the annual exclusion amount so that they can be counted and calculated against your lifetime exclusion
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Transfer 50K from U.S. to another country as a gift, do I need to file any tax forms?
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Transfer 50K from U.S. to another country as a gift, do I need to file any tax forms?
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Transfer 50K from U.S. to another country as a gift, do I need to file any tax forms?
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Transfer 50K from U.S. to another country as a gift, do I need to file any tax forms?
As a US resident for tax purposes, if you receive a foreign gift, you may need to report a Form 3520 if meets certain requirements.
Please see link https://www.irs.gov/businesses/gifts-from-foreign-person
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Transfer 50K from U.S. to another country as a gift, do I need to file any tax forms?
What is the correct action if the funds were gifted by resident alien in a mid-year and then I terminated my tax residency status (left the country), so by Jan of following year I am not a resident anymore
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