send money out of USA

This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.

Moderator: Mark T Serbinski CA CPA

Post Reply
tony
Posts: 97
Joined: Tue Oct 18, 2016 8:50 pm

send money out of USA

Post by tony »

I understand if i send money out of USA >10k usd to my parents (in Asia), i will be penalized with gift tax.
But, what about if i resign from my job say March 1st of a year, then leave USA to Asia (I am NOT GC holder, nor citizen).

Questions:
1. when am i considered alien NON resident tax purposes? jan 1st the following year?
2. when can i safely transfer the money out of USA to anyone else and Not penalized by the gift tax?

thanks
nelsona
Posts: 18311
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: send money out of USA

Post by nelsona »

It is not the fact that you send the money off-shore. it is the fact that as a US taxpayer you are giving gift.
But, ou are allowed to give $16,000 to any non-US citizen each year, so you have nothing to worry about.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
tony
Posts: 97
Joined: Tue Oct 18, 2016 8:50 pm

Re: send money out of USA

Post by tony »

thank you Nelsona for the prompt reply.
My main question still remain as I plan to buy a house using my father's name.
So, 16,000 usd won't be enough, I am talking about >100k usd.

When can I safely do it? is it right after i resign from my current job? Or, wait till the following year i.e. Jan 1st?
(us taxation is really unreasonable)
nelsona
Posts: 18311
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: send money out of USA

Post by nelsona »

When you cease being a US taxpayer
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
ND
Posts: 291
Joined: Thu Feb 21, 2013 5:28 pm

Re: send money out of USA

Post by ND »

or while you're still a US tax resident, but claim exclusion (which reduces such claim on any later US estate tax return, which may not even apply to you, unknown from facts).
Post Reply