gift to parents after resign from US (cancel TN visa)

[tony]

Say i choose a date Oct 1, 2023 to resign from my current job in California, then one month after I leave US to another country.
1. Can I make a gift say 100K USD to my parents? (without any impact on US Tax)?
2. say if the country that I choose is Canada. Does Canada have such gift tax implication?

thanks

[nelsona]

1. I would wait until the next calendar year, just be safe. You might file full year taxes in US for the months you leave.
2. No

[tony]

thanks for prompt reply.
So, i guess, whenever I am US resident for tax purposes, I need to pay on gift to even parents.
But,
1. if I am Non Resident for US tax purposes, then that gift tax doesnt apply, correct?
2. it means, if i leave US for good on say March 1st 2023, i then can transfer gift without any tax on March 2nd 2023. Correct?

(just want to make sure if I don't make a stuipid mistake)
thanks

[nelsona]

Re-read what I said:

I would wait until the next calendar year, just be safe. You might file full year taxes in US for the months you leave.

Many who leave US choose to file their US taxes for that year using a full 1040, as it usually gives better tax rate that 1040NR. You might choose to do this, but you may only know at the end of the year, so, again, it might be better to wait until the next tax year (ie, Jan 1 of 2024 using your scenario).

There are ways around the gift tax for residents, but the rules can be complex (someone else my have them for you, or browse other posts). Waiting until you are no longer subject to worldwide taxation is the simplest.

[tony]

Thanks, again.
My apology, I mean March 1st, 2024.
Then, March 2nd, 2024, I have no gift tax issue as I live <180days in 2024. (non resident for tax purposes in 2024).

thanks

[ND]

Or, give your parents now in 2023 $34,000 ($17,000) each as even if considered a US person, such amount is a gift tax annual exclusion that you may give each year to any number of individuals and certain types of trusts tax-free and without using any of your gift and estate tax exemption.

[nelsona]

"My apology, I mean March 1st, 2024.
Then, March 2nd, 2024, I have no gift tax issue as I live <180days in 2024. (non resident for tax purposes in 2024)."

Again, you are missing the point. You MIGHT CHOOSE to be taxed as a resident for the entire year when you leave, so don't exceed the limit for ANY TIME DURING THAT YEAR.