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2
votes
1answer
315 views

Do I need to file Form 3520 if I receive over 100k living expenses from parents overseas?

Context: My parents overseas (Japan) sent me a little over $100,000 to cover an expensive tuition payment and moderate living expenses in 2014. They are not US residents, Green card holders or ...
4
votes
1answer
152 views

Tangible alternative to paper U.S. savings bonds?

When I was little, it was fairly common to get US Savings Bonds from relatives. It introduced me to savings, financial instruments, and the idea of delayed gratification. I know there are 529 plans, a ...
2
votes
1answer
274 views

Taxes on cash gift from relatives in the Philippines?

My parents informed me they want to give me 1 million Philippine pesos. I am in the U.S. and the money will come from the Philippines. It is roughly $22k. Can they just wire the money directly to my ...
0
votes
3answers
359 views

How to gift money anonymously to an individual after collection thru a donation site?

I am receiving some excellent feedback, so please bear with me while I give more details on the entire concept - as I am starting to think it may not be feasible without cooperation from the family? ...
1
vote
1answer
65 views

Paying tax on monetary gifts

I live in Wisconsin and received $5,000 from a living relative as a one-time gift. Do I need to report this on my income taxes?
2
votes
1answer
251 views

Want to put at least $500/yr away for my niece, but NOT for education. Choices?

I would like to put money away for my niece. I'm looking to put it somewhere that she can use the money when she turns 18/21. Also, I don't want it to be tied to education, in case she would like to ...
5
votes
2answers
824 views

Is it true that in USA it is a common practice to present gifts with a receipt from store?

I have heard that in USA people usually present gift along with its receipt from store to allow one to return the gift to the store?
4
votes
1answer
155 views

I am a US citizen. Can I gift stock options to my parents in India?

I am a US citizen. Can I gift some stock options to my parents in India? If this is possible, could you point me to a page or document showing all things that needs to be done legally at both US and ...
9
votes
3answers
5k views

How should my daughter give me money. Do I need to report it?

I am from TEXAS. My daughter wants to give me about $13,000. What is the legal way of getting that money and do I need to report it on my income tax? My state does not have state income tax, only ...
3
votes
1answer
249 views

Is it possible to buy stock as a gift for a minor without involving the guardians?

I always liked the idea of buying an investment for young children instead of a traditional gift. It seems that they will get plenty of toys from others, and as a parent I know that there are often ...
4
votes
1answer
78 views

Foreign bequests and gifts

I am a U.S. resident and citizen. My British mother died earlier this year. In her will, she directly bequeathed me 10,000 pounds, and left the remainder to her sister. Said sister thought that was ...
2
votes
3answers
112 views

How to distinguish gift from payment for the service?

If somebody gives me reasonable advise or share important to me information. Being attentive I would like to make a little gift or give some little (<100$) amount of money (cash/wire/online) for ...
2
votes
1answer
232 views

Am I able to conduct a private sale of public shares at a price that I determine?

I was wondering if it were at all possible to sell my own shares to someone specific at a price I determine? Let's say I have $1,000 worth of an arbitrary publicly traded company and I wanted to sell ...
38
votes
7answers
4k views

Friends come with hat in hand, but I don't think it will help

I have two friends, a married couple with a ~1yr child. Shortly before they had the child, they moved in with his grandparents. The grandparents are apparently unwilling or unable to care to the ...
4
votes
1answer
488 views

Does money borrowed from other people in U.S. need to be reported in tax report?

I have a friend who is willing to lend me some money (about 40k dollars), since I am not financially well. We are foreigners studying and working in the U.S. (F1 and H1 visas). We report taxes ...
1
vote
1answer
578 views

Do I need to claim the sale of a used car on my taxes if I received the car as a gift?

I sold a used car that I received as a gift; do I need to claim that on my taxes in Canada?
2
votes
2answers
249 views

What laws/regulations are there regardings gifts in the form of large sums of money?

My understanding is that at a certain point, there are taxes or regulations or something on gifts. Like if I were going to give my friend $500,000, for whatever reason this isn't as straightforward as ...
5
votes
1answer
100 views

Apartment donation or gift for foreigner living in US

Some of my relatives would like to donate or move an apartment on my name. However, there are a few things... I am a Romanian citizen living in the US (on a non-immigrant visa) The apartment is in ...
6
votes
2answers
1k views

Do banks accept a large gift to me as a valid down payment for a house?

When I bought my house at the height of the bubble seven years ago, I remember having a conversation with a loan officer about the source of down payment money. It was stated to me that if I was ...
27
votes
2answers
6k views

I'm giving my car to my sister. Should I gift it or sell it?

I have a car registered in Connecticut. I want to give the car to my sister in Oregon. The blue book value of the car is approximately $5000. (It will be a very generous gift - but the car was a gift ...
8
votes
2answers
2k views

What do we need to consider if we're to receive a large cash gift from family abroad?

Are there any rules regarding receiving monetary gifts from family abroad? My fiance's parents want to wire us $25,000 from Brazil to be used on a down payment on a house. What are the tax or other ...
4
votes
2answers
160 views

US Income Tax and Gifts

I know that (in the U.S.) the gifter pays a gift tax (minus an exclusion and perhaps some other exemptions, but just speaking broadly here). Does the recipient of the gift pay income tax or any ...
5
votes
2answers
3k views

What Canadian tax is payable on money received (gifted) from a relative in another country?

I have a Canadian and German passport, but I have lived in Canada for 15 years. My grandpa, in Germany, had opened a certain savings account for me from which I will recieve a lot of money from in ...
9
votes
1answer
282 views

Should I take out a loan vs pay off with mother's help?

I'm considering buying a house for 200k. When buying place ($200k), I will be paying 120k as down-payment, and financing the rest. I am thinking of my mother pay an additional 80k (to buy the place ...
4
votes
1answer
72 views

What things do I need to consider if I want to gift units of a fund or stock to some one who is not related?

Instead of the traditional cash gift, I want to give my gift in terms of something that could increase in value over the long term. Before doing that I wanted to ask the below questions: Do I have ...
4
votes
2answers
1k views

My boss wants to buy me a gift. How do I account for taxes for this?

I don't believe this is related to the personal gift tax rules as this deals with businesses giving gifts to individuals. Since I'm receiving something of value, I assume I need to pay taxes on it. ...
7
votes
2answers
160 views

Options for giving an amount greater than the annual gift tax exclusion

Gifting up to $13,000/year (as of 2009) to someone is not subject to gift tax. http://en.wikipedia.org/wiki/Gift_tax_in_the_United_States Assuming that the individual receiving the money is older ...
5
votes
1answer
410 views

Can I get a tax deduction for giving towards my grandchildren's education?

I have 4 Canadian grandchildren. Can I get a charitable tax deduction if I give towards their education?
9
votes
2answers
190 views

How do you make sure your child's birthday party doesn't break the bank?

I've been to childrens' birthday parties that clearly cost in excess of $500 when the price of the venue, activity, food, cake and loot bags are factored in. I don't want to spend a lot in order to ...