Originally Posted by golf2000
#1;Every year, I send money to my parents back in my home country to support them. Will these lumpsum amounts that I send count towards the federal estate tax exemption (which I believe is $5.34 million for 2014)?
#2;How does this play into the gift tax? (My parents aren't US citizens/residents) Are there any other considerations that you'd caution me against from tax liability perspective? Thank you for your help.
#1; no unless the amount exceeds $14K for 2014.
#2;aslongas the amount of your gift exceeds $14k per year, i guess fo r2014, then you must file form 709 with the IRS.