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If an alien husband wires a certain amount of money (ex. USD

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Hi. If an alien husband...
Hi. If an alien husband wires a certain amount of money (ex. USD 500,000) to a permanent resident wife, will any gift taxes be imposed? thank you
Submitted: 2 years ago.Category: Tax
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Answered in 10 minutes by:
8/24/2015
Tax Professional: Lev, Tax Advisor replied 2 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,716
Experience: Taxes, Immigration, Labor Relations
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If your spouse is not a US citizen, the spousal gift exclusion us NOT unlimited.

The special tax-free threshold is $147,000 a year (in 2015) - and that amount is indexed for inflation every year.
The gift above that amount is considered taxable gift - and the donor would be required to file the gift tax return n- form 709.
There will NOT be any gift tax as long as the lifetime limit is not reached. That limit is $5,430,000 for 2015 and also is adjusted very year.
So far - the gift of $500,000 to a non US citizen spouse made by the resident alien would trigger filing requirements for the gift tax return - but there most likely - would not be any gift tax liability.

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Tax Professional: Barbara, Enrolled Agent replied 2 years ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,471
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Different expert here - my name is ***** ***** I disagree with the first answer.

If a nonresident husband wires $500,000 to a permanent resident wife, the wife has the reporting requirement. The permanent resident wife receiving a gift of more than $100,000 from a non-resident (even her spouse) must file Form 3520. There is absolutely no tax liability. The gift is tax free.

The following link contains excellent information regarding Form 3520:

http://www.irs.gov/Businesses/Gifts-from-Foreign-Person

Please let me know if you require further information or clarification.

Thank you and best regards,

Barb

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Barbara
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