Does the lifetime gift tax credit only apply for citizens?
I am a green card holder and trying to figure out if I qualify for the $11.7mn lifetime gift tax exclusion.
I am looking at the instructions for Form 709 and I can't understand the terminology. It doesn't refer to citizens or permanent residents but instead uses terms like "nonresident not a citizen of the United States. Would appreciate any help.
The term “citizen of the United States” includes a person who, at the time of
making the gift:
• Was domiciled in a possession of the United States,
• Was a U.S. citizen, and
• Became a U.S. citizen for a reason other than being a citizen of a U.S. possession or being born or residing in a possession.
A nonresident not a citizen of the United States includes a person who, at
the time of making the gift:
• Was domiciled in a possession of the United States,
• Was a U.S. citizen, and
• Became a U.S. citizen only because he or she was a citizen of a possession or was born or resided in a possession