cash gift from non resident non us citizens

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Subject Author Date cash gift from non resident non us citizens Antony 09-12-2009  Re: cash gift from non resident non us citizens Han 09-12-2009  Re: cash gift from non resident non us citizens removeps-groups@yahoo.com 09-12-2009  Re: cash gift from non resident non us citizens Antony 09-20-2009  Re: cash gift from non resident non us citizens W 09-26-2009  Re: cash gift from non resident non us citizens Stuart A. Bronstein 09-26-2009  Re: cash gift from non resident non us citizens removeps-groups@yahoo.com 09-27-2009  Re: cash gift from non resident non us citizens Dan Lanciani 09-27-2009  Re: cash gift from non resident non us citizens Dan Lanciani 09-28-2009  Re: cash gift from non resident non us citizens removeps-groups@yahoo.com 10-02-2009  Re: cash gift from non resident non us citizens S 10-03-2009  Re: cash gift from non resident non us citizens W 10-03-2009  Re: cash gift from non resident non us citizens removeps-groups@yahoo.com 10-04-2009  Re: cash gift from non resident non us citizens W 10-04-2009  Re: cash gift from non resident non us citizens W 10-04-2009  Re: cash gift from non resident non us citizens parrisbraeside@yahoo.ca 09-13-2009  Re: cash gift from non resident non us citizens Antony 09-20-2009
Posted by S on October 3, 2009, 3:47 pm Please log in for more thread options > And is income gross income, AGI, or taxable income? The law you quoted talks about average annual net income *tax* of $124,000. -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by W on October 3, 2009, 7:48 pm Please log in for more thread options > wrote: > >> The last time I checked (and I may have this wrong but I believe it's >> at least close), if the IRS determines that you gave up your >> citizenship or green card for the purpose of avoiding taxes, they >> will keep going after you for ten more years. > > That changed with the Heroes Act. See > > http://www.faegre.com/showarticle.aspx?Show=8278 > http://pmstax.com/intl/expat0807.shtml > > It appears now that: > > If you renounce your citizenship or green card, you will have a tax > bill as if you sold all of your stock, with an exemption of 600k > indexed for inflation each year. > > If you give a give in excess of 12k (or I guess now 13k), the receiver > has to pay gift tax at the maximum rate! > > And I found a cross reference. Seems section 121 (exclusion of 250k/ > 500k on sale of house) does not apply if section 877a applies. > > The law is at > > http://www.law.cornell.edu/uscode/uscode26/usc_sec_26_00000877----000-.html#a_1 > > Seems in the past, if you gave up your US citizenship in order to > return to your home country, then the old expatriation rules (namely > that you file a 1040-NR for 10 years and certain income which would be > tax-free for non-residents such as capital gains may now be taxable at > US rates) did not apply. But I don't see any such exception any more. I know my Aunt worked here about 10 years and then went back to her home country in the late 1960s or 1970s. At some point - probably in the 1990s - an embassy official in her country talked her into surrendering her green card, although she doesn't seem to have paperwork for that. So it looks like she doesn't have the Hero law to deal with, but does anyone have a pointer to what laws would apply? -- W -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by removeps-groups@yahoo.com on October 4, 2009, 5:31 pm Please log in for more thread options > > The law is at > > >http://www.law.cornell.edu/uscode/uscode26/usc_sec_26_00000877----000... > > > Seems in the past, if you gave up your US citizenship in order to > > return to your home country, then the old expatriation rules (namely > > that you file a 1040-NR for 10 years and certain income which would be > > tax-free for non-residents such as capital gains may now be taxable at > > US rates) did not apply. But I don't see any such exception any more. > > I know my Aunt worked here about 10 years and then went back to her home > country in the late 1960s or 1970s. At some point - probably in the 1990s - > an embassy official in her country talked her into surrendering her green > card, although she doesn't seem to have paperwork for that. So it looks like > she doesn't have the Hero law to deal with, but does anyone have a pointer > to what laws would apply? The best I can find is http://groups.google.com/group/misc.taxes.moderated/browse_thread/thread/ce7ee2395991e19e/a3e06b4e585f2c77?lnk=raot#a3e06b4e585f2c77 Since the expatriation was On or Before June 3, 2004 the old rules apply. They don't appear to have rules for before 1990, 1980, etc. It would seem to me that she can give any amount now that 10 years have passed. You mention that she worked here about 10 years. Better clarify that. If she worked 10 or more years she can qualify for social security benefits. -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by W on October 4, 2009, 10:23 pm Please log in for more thread options >> I know my Aunt worked here about 10 years and then went back to her home >> country in the late 1960s or 1970s. At some point - probably in the >> 1990s - >> an embassy official in her country talked her into surrendering her green >> card, although she doesn't seem to have paperwork for that. So it looks >> like >> she doesn't have the Hero law to deal with, but does anyone have a >> pointer >> to what laws would apply? > > The best I can find is > > http://groups.google.com/group/misc.taxes.moderated/browse_thread/thread/ce7ee2395991e19e/a3e06b4e585f2c77?lnk=raot#a3e06b4e585f2c77 That is the current thread? -- W -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by W on October 4, 2009, 10:23 pm Please log in for more thread options > >> > The law is at >> >> >http://www.law.cornell.edu/uscode/uscode26/usc_sec_26_00000877----000... >> >> > Seems in the past, if you gave up your US citizenship in order to >> > return to your home country, then the old expatriation rules (namely >> > that you file a 1040-NR for 10 years and certain income which would be >> > tax-free for non-residents such as capital gains may now be taxable at >> > US rates) did not apply. But I don't see any such exception any more. >> >> I know my Aunt worked here about 10 years and then went back to her home >> country in the late 1960s or 1970s. At some point - probably in the >> 1990s - >> an embassy official in her country talked her into surrendering her green >> card, although she doesn't seem to have paperwork for that. So it looks >> like >> she doesn't have the Hero law to deal with, but does anyone have a >> pointer >> to what laws would apply? > > The best I can find is > > http://groups.google.com/group/misc.taxes.moderated/browse_thread/thread/ce7ee2395991e19e/a3e06b4e585f2c77?lnk=raot#a3e06b4e585f2c77 > > Since the expatriation was On or Before June 3, 2004 the old rules > apply. They don't appear to have rules for before 1990, 1980, etc. > > It would seem to me that she can give any amount now that 10 years > have passed. > > You mention that she worked here about 10 years. Better clarify > that. If she worked 10 or more years she can qualify for social > security benefits. Yes, I'm sure she qualifies for social security. But you don't need a green card for that. -- W -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Similar Threads Posted Rec'd non-cash gift, then sold it May 3, 2007, 2:23 pm Advice on reporting cash gift February 4, 2009, 5:23 pm Gift Tax From Foreign Resident November 17, 2008, 12:59 pm Advise citizens treasury May 29, 2007, 10:44 pm Inheriting non-US properties for a US citizens October 28, 2008, 10:28 pm State tax filing for citizens working oversea. February 6, 2007, 10:36 pm CA resident with part year resident spouse March 15, 2009, 1:47 pm Illinois resident/non resident and schedule NR April 9, 2007, 2:51 am CA Resident with non-resident spouse March 3, 2008, 1:09 pm Large Monetary Gift - Gift Tax Question May 22, 2007, 11:38 pm