Gift tax for non-residents on cash transfer between US brokerage accounts

[newwurldmn]

I was not an IRS employee.

I do hold a license issued by the IRS that allows me to represent taxpayers in adminstrative proceedings such as audits, appeals and collection cases. I am not a CPA.

Certified public accountants in the USA are licensed by the states, just like doctors and lawyers.

My license is issued by the US Department of the Treasury, and it is valid anywhere in the USA.

I am an enrolled agent.

https://www.irs.gov/tax-professionals/enrolled-agents/enrolled-agent-information

You arevsubstantially more of an authority on taxes than the rest of us.

 

[DrBogdan]

I'm going to try answer the original question:

The term cash can refer to two different things.

Currency in your wallet, or in a briefcase or a safe, in most contexts, is considered a tangible asset.

Money held in a deposit account at a financial institution, in most contexts, is considered an intangible asset.

Thank you. Sorry for missing your reply and not responding in short notice. Grateful for all the information you have provided. I haven't yet found any legit court rulings/cases on the topic of gifts between non-resident aliens. Are you by any chance aware of how one should go about looking for such? Is there a holistic regster with an option to sift through tax court cases?

 

[VicBee]

I was not an IRS employee.

I do hold a license issued by the IRS that allows me to represent taxpayers in adminstrative proceedings such as audits, appeals and collection cases. I am not a CPA.

Certified public accountants in the USA are licensed by the states, just like doctors and lawyers.

My license is issued by the US Department of the Treasury, and it is valid anywhere in the USA.

I am an enrolled agent.

https://www.irs.gov/tax-professionals/enrolled-agents/enrolled-agent-information

My accountant is like you. He prefers not to be a registered CPA because it would limit the type of valuable advice he can provide to his clients. The double edge is that he is not liable from his errors. But he has on several occasions been able to quickly resolve issues with the IRS over complicated reporting matters that had triggered penalties. This to say, he has been our tax preparer for well over a decade.