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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45 views

Contract beneficiary: who pays income tax?

Ashley and company X have reached an agreement. In the agreement, she agrees to lend some money to company X, and company X repays in some number of years. The agreement specifies that all interest ...
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231 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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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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127 views

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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3answers
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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1answer
63 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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1answer
73 views

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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2answers
578 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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1answer
103 views

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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3answers
123 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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1answer
86 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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2answers
71 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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3answers
189 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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1answer
126 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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5answers
292 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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21 views

Regarding Resident US Citizen with OCI card transferring gift money to her US citizen daughter living in US

Status: I got my US Citizenship in the 2nd quarter of 2012 and have a valid OCI Card. I came to India in the first week of Aug 2012 and have stayed in India till April 2016. Since my stay in India was ...
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2answers
417 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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2answers
117 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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1answer
120 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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1answer
70 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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48 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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57 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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0answers
62 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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2answers
335 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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1answer
82 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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0answers
106 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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348 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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33 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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1answer
179 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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1answer
7k 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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1answer
686 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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27 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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1answer
173 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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1answer
98 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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1answer
220 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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2answers
196 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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1answer
91 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 ...
2
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1answer
131 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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1answer
150 views

How are shares of private corporations valued for the purpose of income tax?

If somebody gives me stock in a private corporation, how is that gift valued for the purposes of income tax? Assume the stock is unlisted and has no publicly tradable value. I know that all stocks ...
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0answers
114 views

Tax implications of swapping/gifting real estate between me and my sister

I have property in a foreign country and my sister lives in and is a citizen of that country. I am a citizen of the USA. She in turn has property in the USA. Can we swap properties if they are within ...
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1answer
122 views

Gift amount allowed for directors in a company in Canada

What is the maximum amount can a small business owner give a director in their corporation as a gift? We are in Canada.
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0answers
87 views

Does a state tax credit received as a gift count as income?

I have received a state tax credit for a historic rehabilitation project, which for a fixed fee the state of Arkansas allows me to partially sell/transfer. Whoever has the credit has up to five years ...
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1answer
233 views

Do I have to pay gift tax on gifts in kind?

Let's say I am letting out a room in my house on AirBnB for $100 per night. Then one day a relative of mine is down on his luck, so I take it off the market and instead let him stay in that room. I ...
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1answer
155 views

Are there any issues with sending money outside of the US?

My girlfriend is an immigrant and for her birthday, I asked her what she wanted. She said she would like me to send a gift back to her home country for her parents instead of getting her something. I ...
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2answers
1k views

Does Meghan Markle need to pay taxes for her stay at a billionaires house?

According to reports, Meghan Markle is receiving free accommodations at the home of a Canadian businessman. Assuming this is true, and given Meghan is a US citizen, and considering the fair market ...
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1answer
171 views

Is money from a trust account considered a gift?

I have a BNY Mellon Investment Fund account designated to me and set up by my parents. On the statements the Client Name is in my parents name and the Designation is my name. My financial advisor ...
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1answer
83 views

Parceling a Violin from Japan to Bangladesh

I'm a student and saved some money with part time jobs for a violin. I want a friend of mine to parcel a violin purchased in Japan to Bangladesh. Will he need to pay taxes to send me that violin?
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95 views

Donating/Gifting money to an individual in India

An NRI (A) decides to donate/gift some money to an Indian citizen (B) residing in India. Currently the money is in an NRO account (of A) in India and A would transfer the money to a savings account of ...
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3answers
299 views

Practicalities of giving to children and grandchildren

I want to give $15k each to my daughter, her husband, and their two children for a total of $60k/yr. I see this example all over the internet, but no details on what this actually looks like. Since my ...
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1answer
338 views

Is there a non-income tax way of my father paying off my house?

My father will soon be moving in with me as he is retiring at the age of 77. We are wanting to pay off my mortgage ($250,000). But we want to do it all in my name because we don't want it to appear as ...

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