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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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Canadian gifting a biological parent living in and citizen of the US

As a Canadian Citizen I have given (gifted) in excess of 100K US to my adult child (US Citizen) living in the US with no tax implications other than him filling out the proper form to acknowledge it. ...
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1answer
38 views

How to transfer money from india to usa [duplicate]

My son is a US Citizen and he will be entering into College on coming September 2019. We (parents)are green card holder & lives in US. We have a house here in India. We want to sell it and bring ...
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2answers
1k views

Does IRS count paying mortgage principal as taxable income from family?

My parents offered me a generous gift, specifically they want to pay off $10,000 of my mortgage principal (the mortgage is under my name, not theirs). However, I am hesitant to let them do this, as ...
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2answers
92 views

Taxes on money gift from abroad

Would I be taxed on money gift from abroad? Consider the amount is larger than 100k. If yes, what is the rate? If no, do I still have to file some particular tax form on it as well?
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1answer
95 views

Are gifts taxable income in Canada if not from family?

If I receive a large sum of money (going towards helping fund athletics) from a person who is not family, does this count as personal income? I know there have been cases where people have been ...
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0answers
67 views

Gift from my Dad [duplicate]

My dad lives in India and is an Indian citizen. I am a UK citizen. My dad would like to give me and my wife a gift of around £8K each. Would I have to pay tax on this in the UK? My dad has already ...
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1answer
61 views

Investing in grandfathers name to save tax in India

I was looking for saving tax by investing/gifting to parents. My father/mother is paying tax, instead can I gift my money to grandfather to save tax ? Grandfather does earns so easily 20 lakh could ...
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0answers
13 views

Money transfer from India [duplicate]

I am a green card holder in US, my mother wants to gift me $6000. I want to know if there are any laws that prevent me to accepting the monies as gift? Will I have to declare it in my return? Will she ...
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2answers
156 views

Tax implication when receiving Bitcoin gift from foreign relative?

Does the recipient has to pay tax, or report receiving the Bitcoin? receiving: US, sending: China. Edit: receiving gift.
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2answers
155 views

Capital gains when selling property

My parents bought a condo in 2005 for $75,000 and rented it out through 2015. I got married in March 2016 and moved in. I paid the HOA and property taxes to my parents. My parents gifted this ...
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2answers
5k views

Can you gift someone money for purpose of investing to avoid capital gains upon inheritance?

After reading through information on capital gains tax and estate tax, I read that a heir of an investment does not have to pay capital gains on that investment. That is it's transferred free and ...
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1answer
1k views

Tax consequences of a gift returned to sender?

Transaction 1: On 2014-12-27, I sent a holiday gift of 0.1 BTC (which according to Coinbase was worth about 31.47 USD at the time) from my Coinbase account to an email address. Transaction 2: On 2015-...
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2answers
126 views

WIll money that a friend sent me (for his share of dinner bill that I paid) be taxed in India?

I paid for dinner with 3 of my friends. And at the end of the day, these 3 people send me Rs.500 each. They sent me the money via UPI bank transfer (say, using phonePe or BHIM). Will this amount (Rs....
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1answer
302 views

Helping friends pay for a party

We're throwing a BIG party next year. Our friends have agreed to contribute. The total cost of the party comes to £20,000. Our friends will contribute £15,000 and we will subsidise the rest. This ...
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0answers
67 views

I am Canadian and own a cottage in the US. I want to gift it to my 2 Canadian children. What are the tax implications

I own a cottage in Point Roberts Wash. I am a resident of Canada and want to gift it to my son who is also Canadian, What taxes apply to this transaction?
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1answer
84 views

Payment of tuition in reference to gift tax

I am looking to make a career change from a software engineer to become a commercial pilot. Becoming a pilot requires a lot of specialized training and therefore is very expensive. A few years ago my ...
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1answer
112 views

How is “fair market value” determined?

If a person receives a gift worth over $10,000 from another American, it is potentially taxable, but how is the "fair market value" of the gift determined? For example, let's say a man gives his ...
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1answer
321 views

Is money collected from childhood taxable?

My daughter is a business woman currently. She started consultation and business from 18 years. Also before she turned 18 she had collected around 2.5 lakhs as pocket money from her relatives, and ...
3
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1answer
197 views

My father in law (wife's father) who is a PIO wants to gift money of 30000usd.what are the tax implications

My question is about my father in law and mother in law who are Persons of Indian Origin (PIO) and United States of America citizens who want to gift me 30,000 USD from their USA bank accounts to my ...
2
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1answer
77 views

Taxation of gift from a foreign corporation owned by my parents?

I am a U.S citizen. My parents who are not U.S. citizens have an offshore foreign company. If they send me a cash gift through their corporation: Do I pay tax? What is the max amount I can receive ...
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0answers
56 views

Gift money transfer from UK to US

What is the maximum amount of gift money that a relative from UK can transfer to my account in US as a citizen without any accompanying tax implications?
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1answer
101 views

I am Indian Resident, and would like to gift my daughter who is PIO as well as US Citizen now

I am Indian Resident, and would like to gift my daughter who is PIO as well as US Citizen now. Pl answer following queries : Will gift tax be applicable in such case to donor (per Indian law) and/...
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1answer
92 views

What is Donor's adjusted basis of gift?

What would the "Donor's adjusted basis of gift" be for a money gift? Would it be the same as the value of the money sent? I'm filling out form 709 Schedule A, Part 1, column D and I'm lost.
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2answers
258 views

Can non-profit give a gift card to a store to someone in need?

Is there any law that would block a non-profit from giving a gift card to someone in need, say, a $100 food store gift card? If a non-profit is allowed to give the gift card to someone in need, is ...
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1answer
126 views

Tax liability for Resident indians through funds received from NRE account [duplicate]

Please, I would like to transfer a bulk amount from my NRE account to my parents account, For Taxation purposes,Do they need to pay only for interest accrued thereof or for the entire lumpsum amount ...
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1answer
56 views

For form 709 (Gift Tax), should I record the date I sent a money gift or the date my bank sent the transfer?

In 2017, I sent about 60+ gift transactions of about $50-$500 to a friend in Australia to help pay for her bills using Paypal. The total for the year was about $14,800, so I know I need to fill out ...
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0answers
49 views

Cash gift from foreign source to Non-Resident alien in the US

I am a non-resident alien living in the US on a student F1 Visa. I recently received a gift from overseas of $20,000. Do I report it, and how? Will I have to pay tax on it?
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2answers
145 views

Preparing my own U.S. gift tax returns: dumb idea?

Summary: I have to file a U.S. gift tax return. The accountant wants $750 to prepare it. I think I can prepare it myself. Bad idea? My spouse and I are citizens and residents of the United States. ...
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2answers
114 views

2018 Tax Gift Question

Can a married couple be given separate gift checks of $15000 from the same person and not have it count as income on their 2018 returns? Is there any penalty for the giver?
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1answer
2k views

Tax implications on money transferred to NRE account from USA

I am on the H1B visa in the United States. I want to send money to my NRE account in India. Now I know I need to file Form 709 if I send/donate more than $14,000 per person per annum and anything more ...
4
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1answer
213 views

Tax implications of non-US person family member gifting big amount of money to US resident

Let's say person A is person B's dad. Person A lives in Europe and is not in any way a US citizen/resident etc... Person B is a US resident (is there a difference between citizen and just a resident?)....
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1answer
123 views

Tax implications of adding a LPR spouse as a joint account holder

If a US permanent resident adds a US permanent resident spouse as a joint account-holder on a brokerage (or other) account, what are the gift tax implications, if any? I believe that in the case of ...
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1answer
117 views

How do the taxes work when selling your ownership of a house and then gifting that money to your child?

My mother recently sold her half ownership of a house to her ex-husband. She received $215,000 from the sale. She's lived in the house for decades so I believe she applies for the capital gains ...
3
votes
1answer
487 views

Gift taxes if I let my sister live rent free in a house I own?

If I buy a home for my special needs sister to live in free of charge, is this a gift for taxation purposes since $0 is under fair market value? I assume if it is considered a gift, since the amount ...
29
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3answers
7k views

How could George Clooney have paid his friends' taxes?

According to an article published today in several media outlets including Fortune magazine, George Clooney once gave 14 of his friends $1 million dollars cash. The article also claims that Clooney ...
4
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2answers
545 views

Gift tax issue ? Bank transfer to two individuals with same joint account

My wife and I want to gift to our son and daughter-in-law. They have a joint US account but are residing overseas, so sending checks for separate endorsement is not reasonable. We can bank-transfer ...
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0answers
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Is it correct that on Form 3520 you don't have to fill out the address of the foreign donor?

I'm receiving a gift from a foreign person and am drafting the informational return 3520 (https://www.irs.gov/pub/irs-prior/f3520--2017.pdf) to report it. What surprises me is that in section IV, you ...
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3answers
121 views

How to claim gift aid for funding a local park

Our parish in England is fundraising to support improvements for the local park. As the park is owned by the council, and they are not a charity, there is no gift aid. However; Clearly this is very ...
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2answers
84 views

How do I treat my taxes for a partially dependent parent?

I'm in a situation where I'm making a good income, but my parent does not make enough money to float the taxes and living expenses. Usually she pays 0 taxes. (Her only income is Social Security and ...
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0answers
184 views

Family member wants to gift me money from an account in a different country

Years ago my mother invested some money I made doing some acting as a kid in a bank account in New Zealand under her name. Both her and I live in Canada. We are both also Canadian/New Zealand Citizens....
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0answers
26 views

Receiving a gift from a foreign national as a U.S. citizen in Italy [duplicate]

I'm a U.S. citizen who might receive a gift from a foreign (Dutch) national. As I understand from this link, under U.S. tax law such gifts are not subject to income tax, although one does have to file ...
24
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1answer
3k views

I am distributing an inheritance based on verbal bequests. Is this considered a gift that must be reported to the IRS?

Before my mother died recently she gave me a verbal list of bequests she wanted to make that were not in her will. Some of these exceed $14k. I will be paying them out of my own bank accounts with ...
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2answers
1k views

Can yearly tax free gifts to a person in the U.S. be sent in multiple checks?

I'd like to give someone a monetary gift, well under the current $14,000 Annual Gift Tax Exclusion limit; however, I'd like to send them multiple checks throughout the year. I'd heard about this in my ...
5
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1answer
207 views

Selling Gifted Stock - Capital Gains, Gift Tax, AGI/Deductions

My wife and I received a gift of $100k stock from a relative two months ago. Cost basis of the stock was $30k, purchased by that relative 5 years ago. We hope to sell the stock to use for a down ...
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1answer
108 views

What are the tax implications for a friend to whom I transfer 15 Lakhs directly from USA via Xoom or through my Indian NRO account?

If I transfer 15 Lakhs to a friend's Saving Account who has no source of income, directly from Xoom or from my Indian NRO account. Will my friend be bothered by income tax department? What are the tax ...
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1answer
76 views

What are tax rules for recieving money from japan

I live in India and if one of my friend from Japan send me money in my account. Is this taxable for me. Is there any limit for receiving money from Japan to India from person other than blood ...
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1answer
455 views

Gift amount that can be received in one year from Foreigner

I am a US Citizen . What amount can I receive as a gift in one year from my parents who are not US Citizens [or green card holders]. Do I have to declare these gifts and is it to be declared at the ...
2
votes
1answer
444 views

Transfer of money from India to US for my son's education

I am currently an US Citizen. I am selling a plot of land that I own in India to an Indian resident. From the proceeds I would like to purchase an apartment in India for my parents use. Would like ...
4
votes
2answers
349 views

Paying someone's college tuition to avoid gift taxes: how do I show the payment is applied to tuition, not other fees?

According to Section 2503 of the Internal Revenue Code of 1986, a payment made directly to an educational institution to pay for the tuition of a student does not count as a gift to the student for ...
4
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1answer
2k views

How does the bank/IRS know whether a bank transfer over $14k is a gift or loan repayment?

Suppose I want to help a relative, an international student, pay his college tuition before he arrives in the US (let's say the amount is $20k, i.e., over the $14k tax-exempt limit for gifts). He'll ...