(I tried looking in other questions here if this has been asked, but not yet so I am posting)
I would like to know if I need to pay gift taxes if I am going to transfer ~68K USD to my daughter. I am a Filipino citizen but permanent resident in the United States (green card holder), and I have obtained the money legally from working here in US. I want to buy a house in the Philippines and put the title under her name. I am wiring 68K to her but I do not know the tax consequences in both countries.
For those familiar with US Laws, do I need to pay gift taxes? Is it possible to minimize it by some kind of a strategy, but of course still legal?
And those familiar with Philippine Laws, do I need to pay gift taxes as well there? Won't I suffer from over taxation lol
To add, she is already legally working in the Philippines, she is 28 years old.
Thanks in advanced to all who will answer.