Serious Stuff - Fbar

[nar245]

eppudu vinaleedhu bhayya first time..

 

IRS - Gift Tax FAQs lo:

 

What is considered a gift?
Any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return.

 

What if my spouse and I want to give away property that we own together?
You are each entitled to the annual exclusion amount on the gift. Together, you can give $22,000 to each donee (2002-2005) or $24,000 (2006-2008), $26,000 (2009-2012) and $28,000 on or after January 1, 2013 (including 2014 and 2015).

[ZuniorVentiyar]

  :3D_Smiles_38:  :3D_Smiles_38:

 

 

 

 

IRS - Gift Tax FAQs lo:

 

What is considered a gift?
Any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return.

 

What if my spouse and I want to give away property that we own together?
You are each entitled to the annual exclusion amount on the gift. Together, you can give $22,000 to each donee (2002-2005) or $24,000 (2006-2008), $26,000 (2009-2012) and $28,000 on or after January 1, 2013 (including 2014 and 2015).

 

[Sastrygaru]

:3D_Smiles:

IRS - Gift Tax FAQs lo:

 

What is considered a gift?
Any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return.

 

What if my spouse and I want to give away property that we own together?
You are each entitled to the annual exclusion amount on the gift. Together, you can give $22,000 to each donee (2002-2005) or $24,000 (2006-2008), $26,000 (2009-2012) and $28,000 on or after January 1, 2013 (including 2014 and 2015).

 

[nar245]

One more point:

 

 

Who pays the gift tax?
The "donor" is generally responsible for paying the gift tax. Under special arrangements the donee may agree to pay the tax instead.

[nar245]

indian savings account no need...?? TRUE???

nre/nro savings account == fbar yes...

easy way, split money into all family members account and use... simple...

 

 

[nar245]

indian savings account no need...?? TRUE???

 

 

experts - answers please