I am in the US on F1 visa - OPT, I need to send money to pay off my student loan in India. I have already sent about $25000 to my dad, who has paid it to the bank for my student loan and I am planning to send about $15000 more for the same purpose.
I think my dad does not owe any taxes, because in India there are no gift taxes, but I just read somewhere that in US I have to pay gift taxes for amount above $15000. I am a non-resident alien for tax purposes but that might change in October when my status will change to H1B. I am really confused here and I am not sure what to do. I want to pay off my student debt ASAP, but I also do not want to end up paying huge taxes here in US on my already taxed income.
I also read about something called a lifetime exemption on IRS gift tax, but I am not sure how does that work.
Looking forward to some suggestions.