Friday, August 21, 2015

Headlight Lens Restore using Toothpaste!

Headlight Lens Restore using Toothpaste!

Conclusion: the best brand of toothpaste for this purpose is:

Crest extra whitening / polishes for best whitening

Another video on: How to Restore Headlights PERMANENTLY . This will require clearcoat rust-oleum for non-yllowing and UV resistant.


Tuesday, August 11, 2015

US Gift Tax

== A resident in US to give gift ==

See [1-7].

Lift time exclusions

The applicable exclusion amount (for life time) is $1,500,000 (2004-2005), $2,000,000 (2006-2008), $3,500,000 (2009), $5,000,000 (2010-2011), $5,250,000 (2013), $5,340,000 (2014), and $5,430,000 (2015).

Annual exclusions 

The annual exclusion for gifts is $11,000 (2004-2005), $12,000 (2006-2008), $13,000 ( 2009-2012) and $14,000 (2013-2015).

Foreigners And The Gift Tax

Citizen, Domiciled, Non-domiciled.

"Sitused" property.

8-year rule for gc holders to bolster non-dom status.

Generally, nonresident aliens are subject to gift tax only on transfers of real or tangible personal property situated in the U.S. Thus, gifts of intangible property by a nonresident alien are generally exempt from gift tax. Property that is not considered intangible property (thus subject to gift tax) at the time of the transfer includes: (i) real property within the U.S., (ii) tangible personal property situated within the U.S. and (iii) U.S or foreign currency or cash within the U.S. As mentioned earlier, it is important to note that situs rules differ between the gift and estate tax laws.

To report gift in exceeding of annual exclusion limit, IRS Form 709 can be filed each year together with tax return. The lift time exclusion limit can be used to cover the exceeding amount. See 2014 Form 709 and 2014 Form 709 Instruction.

== A resident in US to receive gift ==

See [8]. Receiver may need to report, but no need to pay tax.


[1] http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Whats-New-Estate-and-Gift-Tax
[2] http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Frequently-Asked-Questions-on-Gift-Taxes
[3] http://www.fa-mag.com/news/foreigners-and-the-gift-tax-7718.html
[4] http://www.sgrlaw.com/resources/newsletters/trusts_estates_trends/trustsnestatestrends_winter11/1622/
[5] http://www.moneycrashers.com/gift-tax-rate-rules-exclusion-limit/
[6] http://www.elderlawanswers.com/will-you-owe-a-gift-tax-this-year-6069
[7] https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/INF12127.html 
[8] http://www.expat-tax-help.com/all-other-tax-topics/are-gifts-from-my-nonresident-alien-parents-taxable/