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I would like to send some money ($50,000) to my ageing and retired parents in India as a gift. My parents are Indian citizens and reside in India. Do I need to file a gift tax return for this gift?

In other words, do gifts from US residents to people outside the U.S. need to be reported to the IRS (either using form 709 or otherwise) during tax filing for the year?

I realize that the lifetime exclusion amount for gifts to US residents is $5.25 million, I just don't know if it applies to gifts made to foreigners as well. If so, I guess I will have to report this gift on form 709.

I would appreciate it if you let me know. Thanks in advance for your help.
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