I am a Chilean Citizen residing in Chile with my Wife whom is a US CITIZEN.
I am not a US resident and never stay over 90 days a year visiting USA.
I maintain a brokerage account in Merrill Lynch, the account is with the international division for non residents with proper overseas mailing address.
I intend to sell shares and make a gift in cash to my Wife, wire transfer or issue a check to her for $500.000.-
Is there any reporting to the IRS necessary from my part, or any similar reporting from my Wife to the IRS ?.
Are there any taxes
( gift taxes
) involved in this transfer ?.
My wife will buy shares on her separate brokerage account, also on M. Lynch (Acct. for US residents)
As extra information, the shares I will be selling are US. Limited Partnerships, (Kinder Morgan etc).
My Wife makes her yearly declaration to the IRS, and naturally she will report the income from the new shares (dividends
Please advise us as to do all properly legal.