Tax

Ask a Tax Question, Get an Answer ASAP!

Have your own Tax question?

2 Tax Professionals are Online Now

characters left:

Not a Tax Question?

Question

My brother and sister-in-law live in another country. She has always paid her taxes before they moved but not my brother. I want to be able to send my sister-in-law money. Will I get in trouble for this? And where would I find this in the tax code. Thank you

Submitted: 31 days and 11 hours ago.

Category: Tax

Value: $15

Status: CLOSED

Accepted Answer

Hello,

Thanks for your question. If you give her $13,000 or less in 2009, you would not be subject to gift tax on Form 709. The amount may be adjusted every year by Congress, but you could give her up to $13,000 per year tax-free. You could also give your brother in law up to $13,000, so you could give them both up to $26,000 per year tax free.

It doesn't matter about your sister-in-law & brother's tax issues. They do not pay US tax on gifts received but the foreign country they reside in might tax it.

For more information see
http://www.irs.gov/businesses/small/article/0,,id=164872,00.html

Hope this helps,
Sincerely,

Edited by JK_CPA on 10/21/2009 at 7:18 PM

Accepts:
Expert:	JK_CPA
Pos. Feedback:	100.0 %
Answered:	10/21/2009

Certified Public Accountant (CPA)

with 5 years accounting experience and 18 years tax experience.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Tax

Have your own Tax question?

Related Tax Topics:

Question

My brother and sister-in-law live in another country. She has always paid her taxes before they moved but not my brother. I want to be able to send my sister-in-law money. Will I get in trouble for this? And where would I find this in the tax code. Thank you

Accepted Answer

Related Tax Questions