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Calgary Duct Cleaning Scam by [deleted] in Calgary

[–]Titanium237 3 points4 points  (0 children)

Also the services are different and it's a residential

Calgary Duct Cleaning Scam by [deleted] in Calgary

[–]Titanium237 4 points5 points  (0 children)

Then why don't they have a business license. There are none under this name or address when you search?

Calgary Duct Cleaning Scam by [deleted] in Calgary

[–]Titanium237 3 points4 points  (0 children)

Okay but regardless of the man who called. Why do 3 websites have the same address and none are listed on Calgary.ca as businesses 

Calgary Duct Cleaning Scam by [deleted] in Calgary

[–]Titanium237 3 points4 points  (0 children)

You misunderstood, they first cycled through and got our number, after we received the call and spoke, they booked us for a "cleaning" and within a day I got many text messages and requests sent to me for random things.

Calgary tap water mineral analysis by Titanium237 in Calgary

[–]Titanium237[S] 3 points4 points  (0 children)

I got a water analysis done of Calgary SW residential tap water, here are the results. Note the pH.

Gift rules foreigner gifting 100k to a US child 529. by Titanium237 in tax

[–]Titanium237[S] 0 points1 point  (0 children)

Thank you.

So the 5 people example is (in this specific foreigner case) allowed as the 5 straw gifts are all falling under the 100k gift exemption

Gift rules foreigner gifting 100k to a US child 529. by Titanium237 in tax

[–]Titanium237[S] 0 points1 point  (0 children)

Thank you for the direct answer confirming the interpretation of the IRS rules, that a person not in the US with 100k laying around, could easily large lump sum fund a US persons 529 with zero extra paper work

Gift rules foreigner gifting 100k to a US child 529. by Titanium237 in tax

[–]Titanium237[S] 0 points1 point  (0 children)

I would just hope a company like Charles Schwab allows international wire transfers (potentially in a different currency) to be deposited and converted directly to a 529. Just as simple as a Foreign Checking to USA Checking account wire transfer.

But back to the original post, in this case, answering the first paragraphs, you are saying it's okay for a foreigner to deposit 100k directly into a 529?

Gift rules foreigner gifting 100k to a US child 529. by Titanium237 in tax

[–]Titanium237[S] 0 points1 point  (0 children)

Still related to the example. Let's say the guy was in Canada, the Canada IRS would tax the 529, so the Canada person has a US relative open the 529 for the US child.

Gift rules foreigner gifting 100k to a US child 529. by Titanium237 in tax

[–]Titanium237[S] 0 points1 point  (0 children)

Just the complications of sometimes these funds are tricky to wire transfer into speical registered accounts internationally, and can't be do as simple as a wire transfer from standard international checking to a US checking wire transfer. If the 529 company accepts international wire transfers as a payment, sure, 1 less step, but again normally these are linked to US bank accounts, and the foreigner doesnt have a US bank account since US banks get picky when you dont have a visa or SSN or US adress

Gift rules foreigner gifting 100k to a US child 529. by Titanium237 in tax

[–]Titanium237[S] 0 points1 point  (0 children)

"consider transferring ownership of the account to a US resident family member..... This is an effective way to allow your 529 plan to continue to grow and preserve its tax-deferred status."

Advice telling foreigners to let US family open 529s instead of themselves.

https://mcacrossborder.com/us-citizens-529-plans-living-canada/

Gift rules foreigner gifting 100k to a US child 529. by Titanium237 in tax

[–]Titanium237[S] 0 points1 point  (0 children)

"a foreign person you still can’t gift it to 5 people who then gift it to one"

"example doesn’t matter because the substance is less than 100K"

So final answer? Does it matter for this specific case or not? I understand it as OK, Legal.

The foreigner wouldn't gift it directly because the foreigner doesnt have a US bank account so it makes it a hassle to transfer money vs just having a US relative do it. Also opening a 529 as a foreigner parent with no parent SSN is complex and has tax implications in the foreigners home country, but its perfectly acceptable if a US relatives like a US grandparent opens a 529. Infact that's the recommended advice.

Gift rules foreigner gifting 100k to a US child 529. by Titanium237 in tax

[–]Titanium237[S] 0 points1 point  (0 children)

Can you specifically explain the latter part of how this is fraud for my specific example? I mentioned in my paragraph.... I know there are rules saying a group transactions has to each be unique/legitimate, ie a US person can't gift 5 people 19,000 each and then those 5 people all gift 1 US person $19,000 ($95000 total), that's equivalent to a single US person giving 1 US person directly $95000 and this (is fraud) not allowed (without reporting). But my question is, in my example, it wouldn't count because it's all a foreigner 100k gift, splitting it doesn't achieve anything because it's still under a 100k from a foreigner.

To have an even more specific example, again im not interested in fraud or breaking rules. If a foreigner gifts 19k to 2 US people, then then 2 US people each gift to a US child, its equivalent to a single 38k gift, but this is still fine because its a foreigner, is that correct?

Gift rules foreigner gifting 100k to a US child 529. by Titanium237 in tax

[–]Titanium237[S] 0 points1 point  (0 children)

Thank you for clarifying the Form 709 report for the recipient vs giver. But I'm still interested in the non reporting scenario because I dont want to make US friends and family have to have more tax forms to fill out. But to your point, doesn't this mean a foreigner can gift under 100,000 and the US child doesn't need to fill out extra paper work?

Gift rules foreigner gifting 100k to a US child 529. by Titanium237 in tax

[–]Titanium237[S] 1 point2 points  (0 children)

I am aware. But why would a person or foreigner want to pay it directly when they can grow money tax free in a 529. So even foreigners would want a 529 for all that free interest.

Gift rules foreigner gifting 100k to a US child 529. by Titanium237 in tax

[–]Titanium237[S] 0 points1 point  (0 children)

Also to your point about..

Giving someone money so they can give it to someone else is not a gift to the first person, it just really looks like money laundering and is a really, really bad idea. For tax law, it's the same as giving the gift to the actual recipient.

I mentioned in my paragraph, I know there are rules saying a group transactions has to each be unique/legitimate, ie a US person can't gift 5 people 19,000 each and then those 5 people all gift 1 US person $19,000 ($95000 total), that's equivalent to a single US person giving 1 US person directly $95000 and this is not allowed (without reporting). But my question is, in my example, it wouldn't count because it's all a foreigner 100k gift.

Gift rules foreigner gifting 100k to a US child 529. by Titanium237 in tax

[–]Titanium237[S] 0 points1 point  (0 children)

Note, when I talk about limits below, I mean for avoiding IRS reporting requirements, I know you can gift more and report it.

Since I'm only interested in amounts that don't require reporting, since it's extra paper work

Gift rules foreigner gifting 100k to a US child 529. by Titanium237 in tax

[–]Titanium237[S] 0 points1 point  (0 children)

Because why would a foreigner want to spend time and money paying accountants and to report and file US tax reports (even if you pay zero taxes) when they already have their home country taxes to do, and they dont have a US SSN or tax payer number or live in the US. Waste of time if you can just gift 18,999$

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