After I read the TMF Taxes article, I have better understanding of taxes. Thanks a lot TMF Taxes. Recently, you posted the article about gift of stock. I have question about that.Here is my situation: I'm working in US using H1-B (temporary worker) visa with 28% tax bracket. I plan to gift stock to my parents who are not US citizen, which worthed < $10,000. I have hold the stock for more than a year.According to my tax preparer, non-US citizen can own US stock, but she didn't know about the tax implication. So, if I give the stock to my parents and my parents sell it five years from now my question is:1. Do my parents has to pay tax to Uncle Sam ? If so, how and what document should they prepare?2. Is there any tax implication to me as the person who give the gift of stock by the time I give the stock? In other words, do I have to pay taxes for the stock that I give to my parents?3. What kind of document should I prepare to give stock beside the transaction doc of the stock? And what kind of letter should I write?Thank you.
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