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    julieshi2001's Avatar
    julieshi2001 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Oct 11, 2009, 09:07 PM
    Things to concen when send money from US to overseas
    Hi,

    I need to send money from US to overseas to help my relatives. I wonder what do I need know about possible tax laws.

    Thank for your help!

    J
    Five Rings's Avatar
    Five Rings Posts: 459, Reputation: 7
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    #2

    Oct 12, 2009, 08:37 AM

    If you are nonresident in the US because of treaty and visa exclusions you need not concern yourself with tax on gifts.

    If you Are resident, you are allowed to give $13,000 each to as many people as you like without any tax consequences. Thus, if you gave your father $13,000, your Mom $13,000, your little brother $13,000, etc. you would not be liable to any gift tax.

    Do not worry about tax and God bless you for your generosity and support of your family abroad.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #3

    Oct 13, 2009, 12:18 AM

    If gift to an individual in a year exceeds $13,000, you must file gift tax return. You can send $13,000 in 2009 and $13,000 in 2010.

    If you are transferring money to your own account in a foreign country and then giving the gift, you have to file Form TD F 90-22.1 if any time in the year your account balance is $10,000 or more.
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