US federal tax law is potentially applicable to any person who has an account at US financial institution.
I'm going to try answer the original question: The term cash can refer to two different things. Currency in your wallet, or in a briefcase or a safe, in most contexts, is considered a tangible asset. Money held in a deposit account at a financial institution, in most contexts, is considered an intangible asset.
I did lots of research about this last year. Cash in bank account or cd is intangible but cash in brokerage account is tangible, and there is a transfer gift tax even for non resident alien, but in practical case, if transfer is from non alien to non alien, irs may not take action, but in theory, there is gift tax. The practical way is for op to buy ADR or t-bills, and transfer ADR or t-bill to another account, which is tax free.
Thanks. I've heard that too. But I'm yet to find something legitimately corroborative. All I see is people referring to each other and no reference to actual court rulings. Have you managed to find something that betokens exactly how IRS would act in such cases? Like court rulings, etc. After all, pursuant to Connecticut official policy, cash is considered intangible regardless of the type of the account it is stored on.
That's because you ask a technical question in a forum that has no expertise in tax or law. I suggest you reach out to a certified person (tax attorney, financial advisor, accountant,...) Then come back to the forum with an explanation that can enlighten us all.
I did not find court ruling. US government only rakes less than a few hundred of millions from non alien gift and estate tax, very little from brokerage , most from real estate estate. Just transfer bonds. Simple and no worry.
Anyone is using PalmPay these days? Unfortunately i didn't find any information about it on this forum, only some PalmPay reviews here. Would appreciate couple of words about the services from the members , especially those who used different once too. Can i use it actually for the international transfers too?
I was not an IRS employee. I do hold a license issued by the IRS that allows me to represent taxpayers in adminstrative proceedings such as audits, appeals and collection cases. I am not a CPA. Certified public accountants in the USA are licensed by the states, just like doctors and lawyers. My license is issued by the US Department of the Treasury, and it is valid anywhere in the USA. I am an enrolled agent. https://www.irs.gov/tax-professionals/enrolled-agents/enrolled-agent-information