Hi all. I am a non-US resident and have a brokerage account with Interactive brokers. I want to donate (transfer) funds from iShares to the US market and Worldwide to my son. He is also a non-resident of the United States, he has an account. Please answer a few of my questions:
- Is it not possible to give papers between personal accounts? Can I just create a joint account with my son and make a transfer there?
- There is no gift tax in my country. Will I have to pay tax if I make a transfer to a joint account? A non-US resident may not pay tax if you donate shares of US companies. Does this apply correctly to my funds?
- Do the US tax authorities have questions after inheriting funds in a joint account?
Thanks a lot!