Questions tagged [gift-tax]
This tag is to be used for any question pertaining to gifts received and taken and applicability of taxes. If this tag is used, ideally a country-specific tag should also be specified, to indicate which region a question belongs to, as the answer may differ based on the country. Related tag is "income-tax" for question related to income.
278
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How gifts affect estate tax (USA)
Scenario:
Daughter might purchase a house from us for $400,000.
We give her "equity credit" as part or all of the down payment. (She has been renting it from us and total rents exceeded ...
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322
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Can I gift back to my parents my 50% ownership of their primary residence house just before they sell it?
Over 20 years ago my parents gifted me 50% ownership of their home. There was no exchange of money.
They now want to sell the house and downsize.
We live in California, they've owned the house for 35 ...
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4
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1
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2k
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Apartment from non-US parent abroad
If my non-US parent gives an apartment in my native country to me as a gift, vs I inherit this later, and then in the far future I decide to sell that apartment, when doing my US taxes at that time ...
- 273
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Gifting money to fathers brother in the UK
My uncle (fathers brother) is in the UK. I want to give him money as a gift. Is there any provision (rules) I need to follow, or can I gift money to my uncle's daughter?
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Gifting Shares of a Mutual Fund - Tax Considerations
Let's say U.S. tax resident bought one share of a mutual fund back in 2010 for $100, and it is worth $200 today.
A) If they wanted to gift that share to family today, would they be liable for any gift ...
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1
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91
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Estate tax exemption amount question
The Congress passed the Tax Jobs and Cuts Act during Trump's tenure as the president. One of the facets of this law was the doubling of the Estate Tax exemption from around 5 million to 11 million.
...
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1
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184
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If one ALREADY gifted an apartment abroad to avoid foreign taxes, does one fill out a form 709, or do nothing until it's sold?
Before I attempted to do the following, I asked questions and other questions on this list and built up a fan base of those who are convinced I am out to cheat the IRS.
It's already a year into this ...
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1
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475
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US Fed Tax: Difference between Estate Exclusion Amount and Lifetime Gift Exclusion Amount
US Fed Tax: I am trying to understand difference between Estate Exclusion Amount and Lifetime Gift Exclusion Amount
When I google "irs lifetime gift tax exemption 2023", I get this result ...
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2
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85
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Under UK law, what is the effect on inheritance tax liability of giving a gift back?
Scenario: a parent gives a gift to their child, but the child later gives the gift back. The parent then dies within 7 years of the original gift being given, and the child inherits the parent's ...
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2
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When to report gifting an apartment to a child?
If one began the process of gifting an apartment (which is located abroad) to a child, on March 1 and it takes 6 months to get the apartment listed officially under the child's name,
When does one ...
- 462
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2
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My boyfriend pays my rent + utilities. I don't have a job. Do i consider that as income?
My boyfriend gives me money (634) every month to pay my rent + water, & pays my electric bill w/his credit card. Sometimes he gives a check to the landlord for rent + water. Do i consider/report ...
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351
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Gift tax implication If one would pay large and voluntary child support to girlfriend (have common child)?
If I understand correctly, if one transfers more than $17,000 to his girlfriend (not married) with whom he has a child then that would need to be reported on his gift tax return; And would consume his ...
- 709
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210
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Cross border gifting (US and Canada)
I wanted to know what's the tax implication if I am a US citizen gifting money to someone in Canada who is neither a Canadian nor a US citizen. Does the gift tax applies?
Share your resources please.
...
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556
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Transferring money from India to US from my Mom
I am an Indian married to an American citizen living in the US, in the waiting phase for my Green Card application decision Process. My husband and I share a joint account here in the US. My mom lives ...
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104
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Avoiding taxes on a money gift in Germany
I'll come to Germany for the first time in 2023 to study in a German university as a foreign student. I am from the country of Georgia. My mother will soon give me a money gift by transferring it from ...
- 111
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2
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Pennsylvania taxation on large monetary gift
I live in Washington State. I received a large, one-time monetary gift from my parents (>>$15k) who live in Pennsylvania.
My question is to ask if Pennsylvania taxes the giver of funds. Both ...
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Can I save STCG on profit from US stocks by gifting them to parents (with no income) who sell them within 24 months from actual date of acquisition?
Short version of the question
Parents have almost no income. I live in India and earn RSUs listed in USA from my employer as perquisites. Can I save tax by gifting them to parents who then sell them ...
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Can one gift an apartment to a child outside the U.S. and it not be considered gifted from the IRS perspective?
Background: We live outside the U.S. and file a 1040 each year. We have an apartment outside the U.S. which is slated to be razed and rebuilt over 3-5 years time starting in a few months. (yes, the ...
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129
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Does it matter how long an apartment is gifted to a child to cause any tax liability by the IRS?
If we choose to gift an apartment of ours to a child, can they gift it back to us in a few years without them and us having to owe any tax for any reason? If so, how much time is the minimum that the ...
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1
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601
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What tax is needed to be paid when gifting a daughter a rental
If I wish to gift my daughter a single residence that is rented out for $1000/month and my daughter would get the rent money for about 4 years or so, what taxes would I expect to pay on the transfer ...
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1
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4k
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Tax implications of paying someone else's medical bills
If I wanted to help pay a significant sum towards an extended family member's (in-laws) medical bills, would that be subject to any kind of gift tax or similar? Just for an example say I wanted to pay ...
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1
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920
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What is considered a gift to my children?
I understand that there is a $16,000 limit on gifts to each child, grandchild, etc. by each parent each year.
I understand that if a child or grandchild is attending college, paying their tuition does ...
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147
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Selling stock to fund downpayment
My parents are buying a condo in a 55+ community in Florida and I'd like to help with the down payment. The community requires 30% down and I'd like to sell stock to help them. From what I know, I ...
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2
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1
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72
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UTMA , annual gift tax limit, same account?
We have one kid and looking at UTMA/UGMA, One person can gift about 15K per year, so a couple can give total $30K.
Can this $30 ( or $15+$2k) can go in single UTMA/UGMA account ? or each person ...
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3
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1
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189
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Custodian account vs trust for child?
Let's say that a parent wants to give away some of his wealth to his 3 year old child so child could start to use it once he turns 18.
What would be the main differences between creating trust or ...
- 709
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1
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93
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When is the UK Gift/Inheritance tax levied?
This page sets out the rules for UK "gift tax" (a subset of inheritance tax)
UK Gift tax is specifically designed to prevent people circumventing inheritance tax by giving gifts to their ...
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1
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3k
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Can I pay my partner’s income tax (Canada)
I net approx. twice what my spouse does. At income tax time can I pay her income tax for her so she has more money to invest in her retirement savings account (RRSP)?
I know that if I were to give her ...
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98
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Paying cash for home and gifting a percentage to brother
Background:
I live in Washington state, but was purchasing a home in California; for my mother to live in (rent-free).
I was tentatively planning to gift my brother and his wife $30,000 in equity of ...
- 121
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2
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662
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Do I pay tax on money I send myself in another country?
I live and work in the US. I am a resident in the US for tax purposes, but am not a permanent legal resident (H1-B visa). I am originally from the UK and have some financial responsibilities there ...
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1
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139
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Gift from foreign parents
I work in the USA on a visa. My parents gifted me 99.97k in 2021. When I look online, I get the impression that I don't have to do anything since the limit seems to be 100k when the gift is given by a ...
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1
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374
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Sending money to father in India to buy home
I am an NRI living in USA. If I send money (<$15000) in a year to my father in India as a gift to buy home in India under his name, will there be any tax implications in India for him or in USA for ...
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1
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453
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Can I avoid gift tax by gifting only a portion of a home to a parent instead of the whole value?
I live in Washington state and my mother lives near my brother in California. I was considering purchasing a house with cash, for her to live in. The cost of the house would likely be around $600,...
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0
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63
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Company owners gift to ex-employee [duplicate]
The boss of the company (not based in the UK) I used to work earlier, has sold his company. He is giving a cash gift to certain ex-employees which he intends to transfer from his personal account. He ...
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2
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2
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493
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Does Parental Support For Child In College Become Gifts When Child Files Independently?
Suppose the Child in College pays 55% of her Support with her own funds. Then Child cannot be claimed as a dependent on Parents' return.
So would the 45% of the her Support paid by Parents, less ...
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3
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1k
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UK capital gains tax when I give asset to partner
I'm in the UK. My partner and I aren't married, and we live in separate houses. I'm in the higher tax bracket and he's in the normal bracket. I have a bunch of cryptocurrency, and I'd like to use it ...
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1
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139
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Gifting Mutual Fund Shares
My wife and I have two children. We have a JOINT bank account and a JOINT Mutual fund account.
My wife will write two checks for 15K...one to each child. Then I will transfer 15K mutual fund shares to ...
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1
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376
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Social Security vs SSI: cash gifts, free rent, etc. (USA)
I understand the social security administration may reduce SSI benefits if the recipient receives cash gifts, free rent, etc. What about normal social security benefits or retirement benefits? Are ...
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2
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685
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Gift tax on receiver's side?
Due to a family thing, I want to give some money to one of my family members.
I don't have cash. I have some stocks, either I can sell my stock and give money or gift my stock worth the same amount.
...
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1
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135
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Can one gift surplus US income to a sibling in the UK to put into an ISA, and be re-gifted this money on their return to the UK?
Suppose a UK citizen ("Alice") moves to the US for 3 years for work. I am aware that 1) when Alice stops being a UK resident, she is no longer able to pay into UK ISAs, and 2) when she ...
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3
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180
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Trying to understand the difference in 2 scenarios of gifting property
I'm in the US.
I have 2 different scenarios related to gifting of a property and I'm trying to understand why scenario 1 feels legal and scenario 2 feels illegal. I can't put my finger on the ...
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US gift/estate tax on transferring money back and forth
My parent gifted me a sum of money and then realized they needed it back for a future financial obligation. Based on my (possibly incorrect) understanding of gift/estate taxes, each transfer back and ...
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2
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1k
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Tax treatment of Giving loan to a relative overseas - what forms to file
I have a relative overseas who is asking for a loan of $100k. I would like to know the tax implications and what paperwork needs to be filed when the loan is repaid back to me. Should I declare it as ...
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3
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527
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Is a gift always a gift on both ends?
Suppose some person with a lot of cash jumps into a Twitch stream they like and gives the streamer $20000. (This would be on the high end for Twitch donations, but nowhere near record-setting.)
From ...
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3
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1
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176
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Taxes for deceased parents
Parents passed.
Was told I need a CPA for final filing.
I gave a $350 retainer.
Because my siblings were on the deed to protect the house from nursing home I'm told I need to file a gift return for 3 ...
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5
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384
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A relative transferred $31,000 to my bank account. Do I have to report this to the IRS?
A relative transferred $31,000 to my bank account. Do I have to report this to the IRS?
All information online is very inconsistent.
Additional details:
He wants me to temporarily hold his money. he ...
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2
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844
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Tax implications of receiving Bitcoin as a gift from abroad
What kind of taxes I would need to pay for receiving bitcoin gift (>100k USD) from foreign relative (Russia -> USA)?
As I understand, I would not need to pay any tax at the receiving date, as ...
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2
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361
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Can I return money to parents even when we didn't have a formal agreement in the US?
For example, if I return US$30,000 to my parents, considering that they lent me money for my university tuition, can that be considered to be returning borrowed money, even though there were no formal ...
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How much taxes should I pay on a $50,000 cash gift?
I want to give my brother a cash gift in the amount of $50,000 (he needs to make a down payment on a house he wants to get a mortgage for). It is my understanding that I don’t need to report the first ...
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Family bought a house with cash under my name, what shall be reported in Tax return? [closed]
Thank you for taking out time to help me. I live in the USA and the question related to tax return with IRS.
Last year, my family member, also in the US, send us $50k in my account to buy the house ...
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165
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Will I pay tax in Germany on money sent to me by my friend who lives in the US?
A friend wants to send me money as a gift to help me with a few of my plans, my friend lives in the US, and I live in Germany (Berlin).
Will I have to pay any tax on this money? Do I need to declare ...
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