send money out of USA

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tony
Posts: 92
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: 17806
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. Search previous posts. Happy Browsing :D
tony
Posts: 92
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: 17806
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. Search previous posts. Happy Browsing :D
ND
Posts: 223
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).
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