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.

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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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16 votes
1 answer
2k views

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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2 votes
1 answer
391 views

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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0 votes
1 answer
140 views

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 votes
1 answer
41 views

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 votes
1 answer
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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 ...
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2 votes
1 answer
69 views

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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7 votes
1 answer
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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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1 vote
1 answer
55 views

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 ...
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0 votes
2 answers
145 views

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 vote
1 answer
101 views

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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0 votes
0 answers
60 views

Tax liability when selling crypto received as a gift

I am a US citizen currently living in the US and my father who isn’t a US citizen and lives abroad plans to send me crypto as a gift. We are exploring stable coins such as USDT and USDC. From my ...
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0 votes
0 answers
26 views

Do non-resident aliens have to pay tax on a gift from foreign source?

I am a non-resident alien (not a US person), temporarily working in the USA. I will be receiving a monetary gift from a foreign entity. The source of the cash does not originate in the US. Do I have ...
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0 votes
1 answer
85 views

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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3 votes
1 answer
313 views

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 votes
0 answers
62 views

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 votes
2 answers
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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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4 votes
3 answers
1k views

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 vote
1 answer
72 views

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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5 votes
1 answer
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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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3 votes
2 answers
586 views

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 answer
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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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1 vote
3 answers
130 views

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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1 vote
1 answer
144 views

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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0 votes
2 answers
114 views

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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6 votes
3 answers
280 views

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 votes
1 answer
129 views

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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0 votes
5 answers
308 views

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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5 votes
2 answers
554 views

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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1 vote
2 answers
130 views

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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1 vote
1 answer
200 views

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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1 vote
1 answer
72 views

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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1 vote
0 answers
52 views

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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0 votes
0 answers
59 views

U.S. Estate/Gift Tax: If Previously Gifted Asset Is Brought Back Into Estate At Death, How To Account For Prior-Filed Gift Tax Return?

This question is about U.S. estate/gift tax law. Imagine a scenario where a parent gifts an asset to the child, i.e. a $500k house, in an irrevocable grantor trust. It's a "completed gift" ...
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1 vote
0 answers
70 views

Gifting The Same Asset Back & Forth - 2x Exemption Used? Or $0 Exemption Used? (U.S.)

I have a question about U.S. estate/gift tax law. Imagine one person gifts an asset - i.e. a $1 million house - to another, & files a gift tax return in the year in which it was gifted. Then ...
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3 votes
2 answers
344 views

Monthly bonus via cash or gift card?

I work directly for a sales rep on all his accounts for the past 15 years. He is not my manager, I just work directly with him. If he meets his monthly quota, he would give me a monthly bonus in my ...
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  • 31
1 vote
1 answer
102 views

Gifting money to non-relative (Germany to UK)

I am considering helping out someone I know with living expenses in the UK (so it would be gifting money from Germany to UK). This person is not a part of my family. One thing I have to consider is, &...
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2 votes
0 answers
111 views

Tax implications when paying all-cash for real estate that is under your unmarried partner's name?

When buying real estate, title company usually asks how title should be formed. So had few questions when buying property together (or for) partner with whom you are not married, but have been living ...
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1 vote
0 answers
387 views

Money gift from Indian father to son with British passport

Father in India wants to gift £ 50,000 to son in UK (who has British passport) for buying property. I am getting a letter from a Indian chartered accountant stating the source of the funds and tax ...
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1 vote
2 answers
84 views

Accident claim money, rules, taxes and limitations

F1 student, OPT from July 2020. I had an accident where I was hit by a car (I was pedestrian). I filed a claim through my lawyer and received money from the car driver's insurance company (around 60K)....
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3 votes
1 answer
241 views

Can money received as a gift be used to fund a Roth IRA?

My girlfriend has been saving money to start a Roth IRA. For her birthday, I'd like to surprise her by giving her cash - double what she's saved. It will certainly be under the annual exclusion of $15,...
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19 votes
1 answer
8k views

Do I pay gift taxes in US, if I send money (>$15000) to my father in India?

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 ...
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  • 291
0 votes
1 answer
844 views

Transfering from joint bank account to personal account: implications for gift tax

Say person A has a bank account with US$20k in it, and then A adds B (not a spouse) to the account, so it's now a joint account. B then withdraws the money and deposits it to his personal account. ...
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1 vote
0 answers
28 views

India to UK bank transfers

Is a UK passport holder with an Indian bank account in Kolkata, allowed to transfer money to their son's UK bank account as a gift. He is a UK passport holder. Thank you
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2 votes
1 answer
243 views

Joint bank account, give money to son/executor without gift tax implications

My grandfather passed away. I was added as a joint account holder onto his bank account to manage his money and bills as nobody else could after my mothers passing. His Son is also a joint account ...
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1 vote
1 answer
105 views

What is the best way to recieve a $10,000 gift when you need some but not all of it immediately? [duplicate]

In the next 3 weeks I will be moving to a new location - my parents have set aside $10,000 for us. My parents can transfer this money from their account to my account - because we share a credit union ...
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1 vote
1 answer
300 views

Transfer of Gifts From Iran to the US

I am a US citizen and a permanent resident living in the US. My family resides in Iran. My father which is a non-resident alien is currently supporting me financially and lives in Iran. Due to OFAC ...
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2 votes
2 answers
335 views

Capital gain tax on airdropped or gifted cryptocurrency

Let's suppose I receive 100 XYZ tokens this week without conducting any service in return and sell them a week later. My understanding is that I have to know the fair market value of one token at the ...
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0 votes
1 answer
105 views

Tax on cash gift to child

Currently there is a $15k/year limit for tax free cash gifts to anybody. If one gifts more than $15k in one year to a child, my understanding is that the excess over $15k is subtracted from the ...
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2 votes
1 answer
133 views

Personal loan from mother

My mother paid my college fees when I came to America for my master's degree. She also paid my living expenses. All of which amounts to around 40,000$. She paid me this amount between 2015 to 2016. I ...
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