Gift taxation foreign person
Non-US citizen and non-US resident (nonresident alien) with a US bank account want to gift a total of up to $100,000 in cash this year to 2 children who are US citizens and US residents. The gifts will be wire transfers or checks from their US bank account. Questions: Is this gift subject to US gift tax for me (the donor)? Is the gift considered taxable income to my children (the recipients)? Is it up to 100k per year with no reporting filing 3520?
Quick Answer:
As a nonresident alien, your gift of cash, whether from a U.S. bank account or wired, is generally not subject to U.S. gift tax. Cash is considered intangible property and is
Note: This answer is provided for convenience only. It is important that you speak to a CPA about your individual tax situation.
