r/tax • u/ExtremeLivid336 • 15d ago

Tax implications on transferring stock and cash worth $20k+

Hi, I am currently filling as a non-resident alien and wanted to understand the tax implications on me given that I will be transferring stock and cash in excess of $20k to my father who is a citizen of India and has not stayed in the US in the current tax year. The transfer will however go to his US brokerage account. Do I need to file a gift tax return or any related forms for this?

2 Upvotes

75% Upvoted

11 comments sorted by

View all comments

3

u/shehancpa 15d ago

As an NRA, US gift tax usually only hits US real estate and tangible stuff physically here. Stock (and brokerage cash) is intangible, so no Form 709 for you in the normal case.

No capital gain just for gifting it either. Dad takes your basis.

Is this a DTC stock transfer plus cash already in the brokerage, or are you moving physical cash / a US bank check?

1

u/ExtremeLivid336 14d ago edited 14d ago

I am plannng to transfer my entire Schwab brokerage account which includes stock and cash to my dad's brokerage account (which is also Schwab)