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Tax On International Transfer

Corporate Law Discussions

Tax On International Transfer

Postby clem84 » Mon Dec 05, 2016 12:18 pm

s About Taxes)/tax on international transfer Advertisement Expert: IJ Zemelman, EA MBA - 5/17/2011 Hi,My mother lives in China,she is not US citizen.I want to send her  $300,000 dollars to help her have a better life,Is it considered a gift?do I have to pay tax on it?

ANSWER: Hello Lisa,

Gift to the non-US residents are subject to the same Gift Tax provisions as a gift made to the U.S. citizen: donor is responsible for paying a gift tax for the amount exceeding the annual exclusion of #13,000(for 2011, subject to annual increase). However, you may apply the lifetime exclusion available to any U.S. citizen to make this transfer tax-free for you. In any event, you will have to file Gift Tax return(form 709). Besides, you have to consider tax consequences that you mother may have in China, although she does not have any tax obligations to the U.S.

We suggest that you read related topics at http://www.irs.gov/businesses/small/article/0,,id=164872,00.html and consult an attorney prior to making such a significant foreign transfer to avoid deer consequences in the future.

Hope this help,

I.J.Zemelman

---------- FOLLOW-UP ----------

Thank you very much for your help.I have a bank account in China.If I transfer  $300,000 to my own bank account in China,do I have to pay tax ?
clem84
 
Posts: 61
Joined: Fri Apr 01, 2011 2:04 pm

Tax On International Transfer

Postby imanol » Wed Dec 07, 2016 11:19 am

If you transfer money to your own foreign account, you will become a subject to annual FBAR reporting requirements. This is very important to know. No tax consequences if filed properly. You can find more at  http://www.taxesforexpats.com/expat-tax-advice/offshore-tax-fbar.html

Best regards,

I.J.Zemelman
imanol
 
Posts: 51
Joined: Wed Jul 31, 2013 11:04 am

Tax On International Transfer

Postby Terry » Wed Dec 07, 2016 8:20 pm

s About Taxes)/tax on international transfer Advertisement Expert: IJ Zemelman, EA MBA - 5/17/2011 Hi,My mother lives in China,she is not US citizen.I want to send her  $300,000 dollars to help her have a better life,Is it considered a gift?do I have to pay tax on it?

ANSWER: Hello Lisa,

Gift to the non-US residents are subject to the same Gift Tax provisions as a gift made to the U.S. citizen: donor is responsible for paying a gift tax for the amount exceeding the annual exclusion of #13,000(for 2011, subject to annual increase). However, you may apply the lifetime exclusion available to any U.S. citizen to make this transfer tax-free for you. In any event, you will have to file Gift Tax return(form 709). Besides, you have to consider tax consequences that you mother may have in China, although she does not have any tax obligations to the U.S.

We suggest that you read related topics at http://www.irs.gov/businesses/small/article/0,,id=164872,00.html and consult an attorney prior to making such a significant foreign transfer to avoid deer consequences in the future.

Hope this help,

I.J.Zemelman

---------- FOLLOW-UP ----------

Thank you very much for your help.I have a bank account in China.If I transfer  $300,000 to my own bank account in China,do I have to pay tax ?
Terry
 
Posts: 47
Joined: Mon Jan 06, 2014 10:11 am


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