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

    Feb 4, 2012, 08:36 PM
    Gift Tax US resident to non US resident abroad
    I am a US resident alien and wants to make a cash gift to both my parents (non US residents) abroad above the annual exclusion of $13,000. I know that I will need to file the gift tax return (form 709). Do I need to file any other IRS forms, since the funds will be wired from US bank account (mine) to a non US bank account (foreign bank)?

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    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
     
    #2

    Feb 5, 2012, 12:31 AM
    You can gift $13,000 separately to each parent. If you gift more than $13,000 to any one, you must file gift tax return. Even if you have to file, you will not owe any gift tax as there is life time exclusion of 1 million. Your U.S. Tax Return: The U.S. Gift Tax
    For wire transfer you do not inform IRS.

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