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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29941
Experience:  Taxes, Immigration, Labor Relations
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I am a green card holder, not a US citizen. I will gift half

Customer Question

I am a green card holder, not a US citizen. I will gift half of my community property to my son this year. I plan to give up my green card in three to four years. Will this gifting have any tax impact when I give up my green card?
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.
Not when you will give up the green card - there is no direct effect - but in the year of gifting - you might be subject to gift tax regulations.If the gift amount is below $14,000 per person per year - there is no gift tax consequences.But if your gift is above that threshold - you would be required as a donor to file a gift tax return - form 709.However - there is no any gift tax liability unless the lifetime limit (above $5,000,000) is reached.
Expert:  Lev replied 1 year ago.
.If you are specifically concerned about expatriation tax provisions - see here - page 22 me know if you need any help..I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all tax related issues.