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    lalji's Avatar
    lalji Posts: 81, Reputation: 2
    Junior Member
    		  
    #1

    Feb 17, 2011, 09:46 PM
    International wire transfer and tax
    Atlanta tax expert,

    I am working in US on H1B visa. I am a resident for tax purposes. My question is how many dollars per year can I transfer as a gift to my dad living in India? Please advise. Thanks.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Mar 9, 2011, 03:29 PM
    You can send $13,000 as a gift without having to file a gift tax return, plus your WIFE can send another $13,000 to your father without having to file a gift tax return.

    You can also send a LOT more and file the gift tax return, but NOT have to pay any gift taxes by accessing the Unified Credit; that process is a bit more complicated, so if you stick with sending him $26,000 per year, you will be good.

    If your mother is still alive and living with your father, you can double the amount transferred to $52,000.
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