Gift money and money transfer from overseas
My mom wants to sell her property from overseas for our new house in the US for our new baby, may be around $250,000. She lives in Hong Kong and is not a US citizen.
If we are going to declare the money to transfer to the US, what are the normal tax bracket we are looking at? (percentage wise)
Are there any other ways to lower the taxation on the transfer by investment or any other forms?
Asked on 9/25/08, 9:41 am
1 Answer from Attorneys
Ronald Cappuccio
Ronald J. Cappuccio, J.D., LL.M.(Tax)
Re: Gift money and money transfer from overseas
You should consult an estate and tax attorney. If structured correctly, you may be able to not have gift tax.
I hope this helps!
Ron Cappuccio
http://www.SaveYourEstate.com
Answered on 9/25/08, 11:25 am
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