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I'm planning to wire over $50,000 to my family living in China and am wondering if I am subject to US gift taxes because the amount is over $13,000. I think I can claim the lifetime gift tax exemption but really trying to understand if this type of transfer falls under gift tax rules?
ANSWER
Expert Wray Rives's Answer:
You will be responsible for filing a gift tax return if you give more than $13,000 to any one individual. You can use a portion of your lifetime gift and estate tax exclusion, but you will still have to file the gift tax return.
