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New Member
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Oct 1, 2012, 06:51 AM
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H1B - Gift Tax Question
Hi,
I sent my parents (father's account) around 50K in 2011. I am trying to file the gift tax return and I have filed for an extension. I am currently on H1B. I was thinking that I don't owe any tax as this is well below the lifetime exemption. But, I am little confused now as I am not sure if I qualify as a resident for gitt tax purposes. For income tax purposes I am a resident alien. Does the same apply to gift tax? The instructions on 709 form are confusing. Can someone please explain what I should fill on line 7 for citizenship? This is all after tax money I have sent. I don't want to be taxed again. Please help.
Thanks,
Shiva.
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Senior Tax Expert
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Oct 1, 2012, 07:59 AM
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Your residency status for income tax purposes also applies to the Gift Tax. Put "U.S. resident" on Line #7 of the Form 706.
OR you can hire me to prepare the return; email me at the email address in my profile if you are interested (if you cannot see the address below).
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New Member
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Oct 1, 2012, 09:46 AM
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Dear AtlantaTaxExpert,
Thanks. I have sent you an email.
Originally Posted by AtlantaTaxExpert
Your residency status for income tax purposes also applies to the Gift Tax. Put "U.S. resident" on Line #7 of the Form 706.
OR you can hire me to prepare the return; email me at the email address in my profile if you are interested (if you cannot see the address below).
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Senior Tax Expert
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Oct 1, 2012, 11:53 AM
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I have received and answered the email.
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Tax Expert
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Oct 1, 2012, 06:57 PM
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"Your residency status for income tax purposes also applies to the Gift Tax." Untrue.
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Senior Tax Expert
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Oct 2, 2012, 04:48 AM
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IntlTax:
So it is your position that the OP does NOT have to file a gift tax return?
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