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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 Parent Gifting Adult Child in the US

My wife was born in Canada but now has her US citizenship and resides with me in the US. She still has Canadian Citizenship but, as you know, the US does not recognize dual citizenship. One of her ...
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2answers
216 views

Using the gift exception to get more money to charity

Like most middle class families after the 2018 tax code changes, even with a mortgage I'm very far from being able to itemize. Looking at how to optimally give to charity, it seems like a shame to not ...
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1answer
146 views

Do I need to pay taxes if I receive money from my family (foreign country) in UK?

Actually this is for my sister, she lives in London and I want to send her money from USA to her bank account. Will that transfer affect the taxes she must pay?
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0answers
57 views

Are cash gifts from a former employer taxable in Canada?

I was previously employed by an elderly couple providing in-home care for several years. The husband passed away a number of years ago, while the wife passed away last year. Obviously, as the couple ...
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1answer
86 views

Can I take gift money from my wife to buy property?

I'm buying a property worth 1cr. 40% by my wife and 60% by me in India, Hyderabad. But i don't want to include her in the apartment registration documents. What are the tax implications if i take the ...
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0answers
76 views

Taxabilty of Gift from Son to Parents

My son has become NRI three years back.He wants to withdraw his accumulated balance of EPF and Employees Pension Fund in which he was a member since 2006. He wants to gift the amount so withdrawn to ...
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3answers
372 views

Do I need to inform the IRS in advance if I gift money?

I live in the US and want to give my sister who lives abroad a large amount of money to help her buy a house. I understand I will need to declare that amount which will be deducted by the amount that ...
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1answer
2k views

Avoiding estate tax by giving multiple gifts

From my understanding in the US, a father can give an individual gift of $15,000 to a child (or anyone) without any tax liabilities and without impacting the lifetime allowance. If the father wants ...
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2answers
572 views

Is it possible to pay off a friend's debt without them being taxed on it?

I'm in England. Let's say my friend has £45,350 salary, and a credit card debt of £5,000. Were I to pay that debt off for them, would that £5,000 from me count as income, increasing their tax bill? ...
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1answer
175 views

After the sale of my company, I’d like to make a cash gift to a friend who worked as an employee of my company

The cash gift will be paid from my personal bank account from the proceeds of the sale of the company. I will have already paid appropriate tax on the proceeds received from the sale as per the rules ...
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3answers
152 views

Joint gift to grandchild

In 2019 we plan to give $25,000 to our 26 yr old grandchild. All of our ready cash is in joint checking and savings accounts, with both names on the checks. Can we write one $25,000 check as a gift ...
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2answers
676 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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2answers
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From a legal point of view, how do I establish who the gift “receiver” is while transferring money from the US to India?

There is $14,000 per receiver per year federal gift tax exclusion limit while sending money from the US to India. From a legal stand point, how can I establish that I am sending the gift amount to ...
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1answer
111 views

Tax implications of money transfer to and from parents

I am an Indian working in the US on H1B and I want to transfer some money (about $70k) to my parents in India. They plan to use it temporarily and then return the money back to me in the US. What ...
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2answers
2k views

How to send money as Gift to Grandson for college education from india to USA?

I am a senior resident Indian of 73 years age. I am submitting IT returns regularly for the last 40 years. My son-in-law, daughter and 2 grandsons are in USA. They are green card holders. Elder ...
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1answer
233 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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0answers
52 views

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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3answers
17k views

When does giving a gift “count” for tax year?

If I send a check to someone in one tax year, but they don't cash it (or receive it) until the next tax year, which tax year does the gift count against?
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1answer
337 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
98 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
32k views

How gifting money to Parents helps in Tax saving in India?

My Salary in a FY is Rs.6,50,000. If I gift 50k to my Father who is retired but getting pension, will I get a 50k tax benefit? If Yes, then under which section would it be? 80C or other? Secondly, if ...
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1answer
4k 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 ...
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1answer
560 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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1answer
2k views

Remittance of gift money from Indian bank account to UK bank account

I was born in India and came to the UK 11 years ago when I was 20 years old. I'm a British Citizen and hold a UK bank account. I also have an Indian bank account which is managed by my father in ...
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0answers
76 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
2k views

Do I need to file reports when transferring money to US?

I have saving account in the country of my citizenship. After moving to US and get permanent residency, I want to transfer money (> 10,000, after-taxed, not business or gift) from my saving account to ...
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1answer
62 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
173 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
168 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
143 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
311 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
71 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
164 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
331 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 ...
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1answer
88 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
61k views

Tax implications in India for sending money to India from US

I am planning to transfer around $8K-10K in my parent's bank account(Joint bank a/c) in India . I have read a lot of posts(like Will I have to pay taxes in India when I transfer money from a US bank ...
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1answer
116 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 ...
3
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1answer
138 views

Gift taxes when donor is non-citizen

Is there a gift tax when a foreigner (not a US Citizen) gives money in amounts greater than $100,000 but less than $5,000,000 to a US citizen (who is unrelated to the donor, not a spouse or decedent)? ...
3
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1answer
223 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 ...
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2answers
339 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
87 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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1answer
200 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
8k views

Tax implications on money transferred to NRO account

Here is the situation - my wife and I are based in UK. I have NRO/NRE account in India. My wife has remitted some money to my NRO account in India. Can the forum please help me with the following? ...
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1answer
7k views

Gift money transfer from India to US

I'm an Indian citizen. I want to transfer $20,000 to my son-in-law, who is a Canadian citizen living in US. My daughter is an Indian passport holder currently living in US on a H4 visa. I want to ...
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1answer
230 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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1answer
61 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 ...