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My brother and I live legally in the US as permanent residents. We live separately in different cities. Recently, my brother brought our parents to US on a visiting VISA and I have no relation with their VISA or any other matter related to their travel, etc.
I wish to give few thousands of dollars of cash to my parents as a gift so that they can spend that money in the way they want in the USA. However, I wish to get a letter (notarized affidavit) from them stating this gift (because, I am in a legal lawsuit and would like to show how I spent my money, in ace they court asked me on what happened to my money)
Is there any upper limit on the amount of cash a person can gift to his visiting parents? Are there any legal implications (to me or my parents or to my brother if I gift the money)?
All the money I am talking about for gift is about after-tax money, which I legally earned.
I wish to give few thousands of dollars of cash to my parents as a gift so that they can spend that money in the way they want in the USA. However, I wish to get a letter (notarized affidavit) from them stating this gift (because, I am in a legal lawsuit and would like to show how I spent my money, in ace they court asked me on what happened to my money)
Is there any upper limit on the amount of cash a person can gift to his visiting parents? Are there any legal implications (to me or my parents or to my brother if I gift the money)?
All the money I am talking about for gift is about after-tax money, which I legally earned.
