Aloha. I’m a US citizen. Wife is Jpn citizen with US green card who has lived in HI for about 5 yrs. I own a house in HI (my wife’s name is not on the title). I have an adult daughter in Tokyo. My wife has a JP account. My daughter has her own Japanese bank account. I have nothing in Japan.
If I sell my house in HI the profit would be about $300k, which would be tax free, as I satisfy US tax requirements. I would like to eventually move to Japan (when I retire) and would like to use the $300k to buy a 2ldk mansion.
I was wondering if I could break the $300k up into smaller chunks to keep each chunk under the gift tax limit and send the chunks to my wife’s JP acct, my daughter’s bank acct and to my brother in law, sister in law and parents in law. Only after the $300k was safely in all the japan accts would we move to Japan, collect it and be able to buy the mansion.
I don’t know what I don’t know, so I would love for the smarter people on this sub to educate me about what the problems/issues with doing this might be. I appreciate any help. Mahalo!
by Maui-Cougar-808