Us Taxes For Non-Residents

[Farenheit]

Does anyone know how much money you can receive as a gift from family tax-free in a year if you are a US citizen but non-resident? Thanks in advance!

 

[Pensador]

Does anyone know how much money you can receive as a gift from family tax-free in a year if you are a US citizen but non-resident? Thanks in advance!

Thats an interesting question I would suggest consulting a proffesional with that question and not taking information regaurding your question from a public forum.

How are you going the tranfer the money? Into a bank account? You have to report all your non US bank accounts if they carry certain balances and other things potentially have to be taken into concideration. I think your be best off to work with proffesionals concerning your question.

http://www.taxesforexpats.com/

 

[Farenheit]

I found this on wikipedia: anyone know if it is correct?
Non-taxable gifts

Generally, the following gifts are not taxable gifts:[sup][5][/sup]

• Gifts that are not more than the annual exclusion for the calendar year (For the year 2014: $14,000 per recipient for any one donor[sup][6][/sup])

 

[che]

Talk to a pro as it may be that non residents can exceed $14k year
http://en.wikipedia.org/wiki/Estate_tax_in_the_United_States#Non-residents

 

[nkotb]

Spend a few hundred dollars of that free money and ask a lawyer. Relying on tax advice from Wikipedia or an internet message board is a bad idea.

 

[eorl]

Bill Gates can gift you all his money and you wouldn't owe gift tax. Gift tax is on the donor not the recipient so it is never taxable to receive. For donors the annual federal gift tax exclusion allows you to give away up to $14,000 in 2014 to as many people as you wish without those gifts counting against your $5.34 million lifetime exemption. Taxable Gifts over $14,000 require a gift tax return but no tax is due until the lifetime exemption is exhausted.

Only two states, Connecticut and Minnesota, impose their own gift tax. Connecticut gift tax is owed when the value of all taxable gifts made by a resident since 2005 (not counting out-of-state real estate) reaches $2 million. Minnesota has a $1 million gift tax exemption.

So no gift tax is owed until a donor exhausts the $5.34 million dollar exclusion. Very few people ever need to pay federal gift tax.

 

[eorl]

Thats an interesting question I would suggest consulting a proffesional with that question and not taking information regaurding your question from a public forum.

How are you going the tranfer the money? Into a bank account? You have to report all your non US bank accounts if they carry certain balances and other things potentially have to be taken into concideration. I think your be best off to work with proffesionals concerning your question.

Gift tax might be a non-issue but if your donor needs to file a gift tax return or if you think you might have any of these issues listed above, I would also recommend hiring a professional.

 

[Pensador]

Bill Gates can gift you all his money and you wouldn't owe gift tax. Gift tax is on the donor not the recipient so it is never taxable to receive. For donors the annual federal gift tax exclusion allows you to give away up to $14,000 in 2014 to as many people as you wish without those gifts counting against your $5.34 million lifetime exemption. Taxable Gifts over $14,000 require a gift tax return but no tax is due until the lifetime exemption is exhausted.

Only two states, Connecticut and Minnesota, impose their own gift tax. Connecticut gift tax is owed when the value of all taxable gifts made by a resident since 2005 (not counting out-of-state real estate) reaches $2 million. Minnesota has a $1 million gift tax exemption.

So no gift tax is owed until a donor exhausts the $5.34 million dollar exclusion. Very few people ever need to pay federal gift tax.

Cool post seems clear now I just need to figure out how to give all my money away the day before I die.

 

[mraccountant]

here's information on the gift tax, straight from the IRS website.

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Frequently-Asked-Questions-on-Gift-Taxes