Scenario: US citizen husband, Japanese citizen (US green card) wife (both retired in 60s) residing in US want to send monetary gifts (wire money or hand deliver) to Japanese siblings (in 60s) living in Japan.
First scenario: Send 1.1M to each sibling in Japan – is this exempt? Can it be done every year or does it fall into a different category if it is an annual gift?
Second scenario: Send 10M to each sibling in Japan. Is this subject to 10% or more gift tax?
Couple is trying to strategize eventually gifting 100M+ to each sibling in Japan with minimal tax and minimal headaches from tax agency.
by Route246
