I'm a US citizen and have a nonresident alien (NRA) family oversea.
My spouse and I were thinking gifting some US stock in our US brokerage account to a NRA family member's US brokerage account (directly transferring the stock).
I've done research to make sure that we don't have any gift tax (or any tax) reporting requirement if we make sure that the FMV (fair market value) of the securities gifted/transferred on the date of transfer is under the annual exclusion ($18000 per recipient).
However, I'm not sure if there's anything reportable for the NRA family member for receiving the US stock shares as a gift in their US brokerage account? My best guess is that receiving the stock (FMV=$18000) as a gift is not reportable by the NRA family member, but there will be just regular income tax from the dividend from the stock in the future... the gift tax involving NRA seems to be complicated so I would like to ask here to get some pointers![:)]( "Smile")
Is my understanding right? As long as I keep it under $18000, then neither myself nor the NRA family member has anything to report to IRS?
TIA!
My spouse and I were thinking gifting some US stock in our US brokerage account to a NRA family member's US brokerage account (directly transferring the stock).
I've done research to make sure that we don't have any gift tax (or any tax) reporting requirement if we make sure that the FMV (fair market value) of the securities gifted/transferred on the date of transfer is under the annual exclusion ($18000 per recipient).
However, I'm not sure if there's anything reportable for the NRA family member for receiving the US stock shares as a gift in their US brokerage account? My best guess is that receiving the stock (FMV=$18000) as a gift is not reportable by the NRA family member, but there will be just regular income tax from the dividend from the stock in the future... the gift tax involving NRA seems to be complicated so I would like to ask here to get some pointers
Is my understanding right? As long as I keep it under $18000, then neither myself nor the NRA family member has anything to report to IRS?
TIA!
Statistics: Posted by Daminal531 — Sat Dec 28, 2024 11:35 am — Replies 1 — Views 52