Years ago, my parents overseas transferred me 62K for house down payment, but in 2019, since I still have not decided on a house yet, I made a foreign transfer back home because my mom fell and could use some money for her treatment. Of course, like a dumb whore, I realize just now that it will be seen as a gift by the IRS and I will have to file form 709. Today, I called the IRS helpline. The guy said since I am only resident alien (green cad holder), the Federal Gift Tax Lifetime Exemptions of 11.4 Mil does not apply to me. Is it true? Did I dig myself into a 10K hole without a way out? Ohh hold me DL, I'm in pain.
Oh Taxidermist, Are you there honey? I'm in pain.
| by Anonymous | reply 13 | August 4, 2020 5:48 PM |
You can treat your parent's original transfer to you as a loan, and now you're just paying it back. No need to bother with gift tax issues.
| by Anonymous | reply 1 | March 16, 2020 10:22 PM |
r1 is correct. You are repaying an interest-free loan. There is no taxable event. Whatever you do, do not file the Form 709.
| by Anonymous | reply 2 | March 16, 2020 10:25 PM |
Oh really? R1 and R2, that sounds sexy, what do I do now to signify it as a loan repayment to the IRS? Just not filing anything on it and wait until the IRS call me up? Thanks Dolls.
| by Anonymous | reply 3 | March 16, 2020 10:32 PM |
r3 Yes. No taxable event - nothing to report on your tax return.
| by Anonymous | reply 4 | March 16, 2020 10:39 PM |
Thank Y'all, my taxes passed with flying colors. R1 R2 and R4 WW all around!
| by Anonymous | reply 5 | August 4, 2020 4:07 PM |
What R1 said, and for the love of god, when you call the IRS helpline, NEVER give them your name or any SS or TIN information, just ask a general question.
| by Anonymous | reply 6 | August 4, 2020 4:20 PM |
I sent my tax returns to federal govt via snail mail. certified with return (that green card on the back) but I didn't get that card back yet. it's been 2 weeks. should I be worried?
| by Anonymous | reply 7 | August 4, 2020 4:34 PM |
We all have our cross to bear, Mary OP.
| by Anonymous | reply 8 | August 4, 2020 4:41 PM |
Taxidermist? Do you want to stuff yourself when you're dead?
| by Anonymous | reply 9 | August 4, 2020 4:47 PM |
r9, No dear, there is a fun user, whose name is Taxidermist, and he shows up occasionally to help you navigate through the tax thing since he is an accountant.
| by Anonymous | reply 10 | August 4, 2020 5:09 PM |
r7 If you have your certified mail receipt number, you can track the item on the usps.com web site.
| by Anonymous | reply 11 | August 4, 2020 5:42 PM |
R7 why don't you file your taxes online dear? Its free, and then you don't have to worry about return receipts.
Since USPS is slowed down now, by directive, and since there are currently two employees left at the IRS, you'll get it in a month or so. Have a drink.
| by Anonymous | reply 12 | August 4, 2020 5:46 PM |
R12, I don't trust it. And if I remember correctly, IRS data was hacked a few years ago and only those who filed online were exposed. so I will never file online.
| by Anonymous | reply 13 | August 4, 2020 5:48 PM |