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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1answer
63 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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2answers
153 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. ...
2
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2answers
117 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?
0
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1answer
148 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 ...
3
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1answer
157 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
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1answer
702 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
8k 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 ...
8
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1answer
3k views

Best way to transfer abroad loan amount to Indian parents Savings Account

Can you please advise: I am working in Dubai, and applied for a loan of 25 lakhs, I would like to use this funds to repay my personal loan (to relatives) and want to buy a land with left out money. ...
3
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2answers
40k views

Do I have to pay income tax if my friend uses my bank account to transfer funds to a third party?

Suppose my friend has to transfer to someone a big amount using debit card. Since he doesn't have a debit card, he transferred the same amount to my bank account via cash and asked me to make ...
8
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3answers
20k views

How much in gifts can I receive per year in the US?

After reading IRS Pub 950 it appears one couple can gift another couple up to $56,000 per year. My question, how much can one receive per year? For example, take my girlfriend and me: Can we receive $...
2
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0answers
97 views

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 ...
5
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3answers
125 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 ...
3
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2answers
12k views

Is amount transferred by third party to savings account considered as income?

If my friend transfers (using Third Party Transfer or NEFT) some money to my savings account, does that amount count as my transfer income and do I have to pay tax on it?
2
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1answer
1k views

Gift loan and the 100k rule

My uncle gave me a zero-interest 70k loan. I immediately used it to pay off a big chunk of my student loans. As I understand, under the 100k rule he doesn't owe any tax on imputed interest as long as ...
3
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2answers
88 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 ...
7
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3answers
1k views

Can I gift money out of a UTMA account to my child's sibling?

My Father gifted $50,000 to my daughter over a 5 year period. This money is in a UGMA account on my daughter's behalf. I now have three children. My father's intent was to provide for all of my ...
24
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1answer
4k 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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0answers
196 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
27 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 ...
2
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1answer
2k views

Is a tax applicable or not if I lent my brother money in India while I am abroad?

From 2002 to 2010, I was working abroad. I sent money to my account in India via Western Union. In every transaction I used to keep 10000/- separately with me (my hard earned money). In the last 8 ...
4
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1answer
595 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
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1answer
574 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 ...
9
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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
220 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 ...
1
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1answer
118 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 ...
1
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1answer
78 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 ...
0
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2answers
117 views

Avoid paying higher rate SDLT UK

I currently own property A (main place of residence) with a 60% mortgage. Property A is valued at £150k, therefore the outstanding mortgage is £90k. My parents are mortgage free, and still working. ...
4
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2answers
397 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 ...
1
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1answer
1k views

Foreign Gift tax in USA

My husband (on a H-1B visa for 5+ years) and I (on an F1 visa for 2 years) live in the Bay Area. We are planning on buying a house and, as we all know, houses are way too expensive here. My question: ...
15
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5answers
6k views

Dad gifting me a house for 2 years, how to deal with taxes?

My dad is moving to Florida. He loves the house he has in New York. He wants it to stay in the family but I can't quite afford the mortgage yet. I have a wealthy cousin who said he'd hold the NY house ...
3
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2answers
19k views

Is a loan from a friend taxable in India?

If a friend of mine transfers money (say 5 to 10 lakhs Rs) to my savings account, does that amount count as my income and do I have to pay tax on it? Will the Tax authorities question me ? Should I ...
10
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1answer
588 views

Should I take out a loan vs pay off with mother's help?

I'm considering buying a house for 200k. When buying place ($200k), I will be paying 120k as down-payment, and financing the rest. I am thinking of my mother pay an additional 80k (to buy the place ...
4
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1answer
210 views

Principal Residence & no gifting tax = loophole? (Canada)

Here is a hypothetical scenario I was discussing with someone today that I think seems fishy, but I can't find much info on. An adult gives money to his 20 year old kid to buy a house as a gift. The ...
2
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1answer
386 views

“Gifting” a house to a family member

I bought a house for myself a few years ago with the profit from an investment, however as I was (still am) under 18 I had my mother buy it in her name. As I am nearing 18, I was wondering how I could ...
3
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2answers
230 views

Not Reporting Excessive Gift on Taxes

My step-father naively, but with good intentions gave away my recently deceased mom's car to a family friend. I'm guessing the vehicle is worth $20k - over the $14,000 allowance for gift tax. He ...
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1answer
99 views

Limits and taxation of receiving gift money, in India, from a friend in Italy?

I live in India and have a friend of mine who lives in Italy. He wants to send me money, as a gift. I'll probably be using that money to invest in stock market. What I don't know is that how much ...
2
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1answer
906 views

Do I have to report gift money from my spouse and family?

My husband and I got married in January 2014. He is from Australia and works from home as a web designer for clients who are all abroad. He received his green card in April 2014. All of his income is ...
2
votes
1answer
206 views

How to declare foreign gift of nearly $10,000

I understand that gift from a foreign entity (in this case, my non-US parents) is not taxable, but has to be reported. According to the IRS' instruction on Form 3520, I only have to report the gift ...
4
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2answers
3k views

Transfer money from “inherited” land sold outside US to the US without income tax?

After my parents' death in my originating country, my family was made aware that their co-owned piece of land was always in our names, not out parents'. We recently sold this piece of land as a group ...
0
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1answer
748 views

Gift money from uncle to nephew, from NRE account to Indian saving account

If a nephew gets gift money in his saving account from the NRE account of his uncle, how much limit of the gift money should be & whether the gift money is taxable for nephew? Is it required to ...
4
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1answer
139 views

Giving money to sister's son

I want to give rs.1lacs (100,000 rupees) to my sister's son who resides in the UK as my sister died recently and he has no father. My sister's son is an adult and is earning. So is this gift taxable ...
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3answers
866 views

Giving kids annual tax free gift of $28,000

We are planning to pay for kids' education using the annual $28,000 limit of tax free gift. Do we have to send money from each parent's single bank account? If, for instance, I send $28,000 from my ...
2
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3answers
8k views

Getting around Gift Tax in US

I've been transferring money to my fiance's account to help her pay her student loans. I just realized that I went past my yearly gift tax allowance for her ($14,000 for 2013) by $3,000. I realize I'...
7
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2answers
73k views

Money transfer from India to USA

My daughter is a US Citizen. We (parents)are also planning to permanently settle in US. We will go their as Permanent Resident,as per US Law. We have a house here in India worth Rs.2 Crores. We want ...
30
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1answer
6k views

I am a Canadian resident who wants to gift my Adult US child CAD$175K. What are the tax implications?

I am a Canadian resident who wants to gift my adult US child $175K Canadian. What are the tax implications for the US resident who resides in California?
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1answer
633 views

Gifting money from Canada to Germany

I have two nieces in Germany and would like to gift some money to them before I die. Will they have to pay tax on the money ? Can I just send them a bank draft in Euros ?
10
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2answers
419 views

Does a gift to a baby that's accepted by a parent count as a gift to the parent?

I live in the United States, and I recently had a baby girl. My mother would like to give her some money by check, but the baby doesn't have a bank account yet. I've read that I should be able to ...
3
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1answer
204 views

Gifting of money by USA residing son to his parents

My son wants to remit some money in his mother's account jointly with me(father). It is very much clear that it will be tax free in India being a gift. Does Income Tax department need some proof to ...
1
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1answer
2k views

Money from my parents from abroad to my bank account in UK

I am from Japan. I have moved to UK recently on a spouse visa. I still have my Japanese bank account which I have been using even before I came to UK. I have saving in that account and also my ...