We are a family of husband , wife and 11 yrs old son living in US
on US Green Card . Please clarify the below :
(1) If the unearned income
of my 11 yrs old kid is less than $1000 in a year (assuming there is no other any type of income to the kid) , neither the kid nor the parent need to report it anywhere in any income tax return
, .........................is that correct ?
(2) As i know that either a US Green Card Holder or a US Citizen can give gift of $13,000 to each person each year without filing Gift Tax Return
anywhere including his Income Tax Return , ................ am i correct ?
(3) As i know there is no such limit of $13,000 between husband & wife whether they both are GC Holders or US Citizens , ................. am i correct ?
(4) Does this limit of $13,000 also apply when a parant gifts cash to deposit in kid bank account of my 11 yrs old son when both (parent & kid) are US Green Card Holders ?
(5) Is any difference in the rules
of Gifts in cash or kind in the 2 situations (i) when gift giver and taker both are US Green Card Holders , and (ii) when gift giver and taker both are US Citizens ?