Does the lifetime gifting rule apply to H-1b visa holders (living in the US) in the same way as it does to gifting US citizens?
So the receiver pays no taxes and I would inform the IRS of my contribution, counting towards my $13.9M limit?
Posted by Agreeable_Benefit878
1 Comment
While you are a resident for gift/estate tax purposes, then you may use the lifetime gift/estate tax exemption. The definition of gift/estate tax residency is a subjective test based on “domicile”, which differs from other definitions of residency. It is possible to an H-1B visa holder to be such a resident, but it depends on individual circumstances.
https://www.deloitte.com/content/dam/assets-zone3/us/en/docs/services/tax/2024/us-tax-us-estate-and-gift-tax-rules-for-resident-and-nonresident-aliens-new.pdf