draak
May 11, 2009, 10:54 AM
Hi all,
I'm planning to give my brother in the US some money to help him out a bit. I want to know if there are any tax implication we should know about.
He is a US resident (green card holder). I am not a US resident nor a US citizen. I am from the UK.
I plan to transfer the money directly to his bank account. Will he be taxed as receiver of the money? Is there a limit to how much I can give? I'm thinking of giving him $30,000. Are there local state taxes we should consider? He lives in California.
Actually it is a loan but he will only pay me back whenever he can so no definite time for this "loan".
I appreciate any advice. Thank you.
Cheers,
Draak
I'm planning to give my brother in the US some money to help him out a bit. I want to know if there are any tax implication we should know about.
He is a US resident (green card holder). I am not a US resident nor a US citizen. I am from the UK.
I plan to transfer the money directly to his bank account. Will he be taxed as receiver of the money? Is there a limit to how much I can give? I'm thinking of giving him $30,000. Are there local state taxes we should consider? He lives in California.
Actually it is a loan but he will only pay me back whenever he can so no definite time for this "loan".
I appreciate any advice. Thank you.
Cheers,
Draak