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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Does money borrowed from other people in U.S. need to be reported in tax report?

I have a friend who is willing to lend me some money (about 40k dollars), since I am not financially well. We are foreigners studying and working in the U.S. (F1 and H1 visas). We report taxes ...
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1answer
3k views

Will I have to pay tax in India for a transfer into my account from the US?

Will I have to pay tax in India when my friend transfers money to my bank account in India from US? The amount is $100 USD, and at this time I don't know how the transfer will occur. I am living in ...
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2answers
386 views

Tax implications of transferring money to retired parents (India)

I transfer some amount of cash to my parents for their groceries every month. What are the tax implications for this amount? Do I get any tax exemptions for this sum?
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1answer
681 views

In India, if I transfer money to my parents and they transfer it to their nephew, will it be taxable for my cousin?

I know the money isn't taxable when I send it to my parents and they send it to their nephew as it will count as a gift coming in at both places But if this is done sequentially and soon one after ...
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3answers
5k views

Taxes when transferring money

I'm a US taxpayer (non-resident alien) and I'm being pushed by a friend to do the following: He will transfer 40k from a US bank account that he owns to my personal account. I will withdraw this ...
2
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1answer
446 views

What is the most efficient way to gift money to young relatives?

I have 3 nephews and a niece, all under 6yo. I'm single and in a position to put aside ~$500/yr/child. I'd like to do this with securities and take advantage of some compounding. I'm not ruling out a ...
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0answers
170 views

Is interest-free loan to a domestic partner taxable?

Let's say I want to transfer $20,000 as a gift to my fiancée. After a few months (within the same year) she returns the money back to me, with no interest, as we agreed beforehand. Does this imply ...
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2answers
2k views

My father, an NRI, sold inheirited land in India. He wants to move the money to the USA, with minimum tax. How to go about it?

I've read that it's possible for him to gift me the money, because I am a US citizen and he isn't. Would that be a viable option? It's a sum of 2 crore 15 lakh, so I'll have to file it. I'm not sure ...
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1answer
572 views

Do political campaign contributions count as gifts for tax purposes?

If I donate to a standard U.S. (non-charitable) political campaign, does that amount reduce my annual and/or lifetime gift allowance? do I have to report that amount somewhere on my federal tax ...
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1answer
99 views

Forwarding a received international wire without gifting

I'm in a similar situation to this: Tax consequences of forwarding an international wire I've read the answer and comments to that question. However, transferring through Bitcoin is not an option. ...
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2answers
666 views

Payoff of student loan by parents

My son recently graduated from medical school with a student loan of ~ 200K. He will be a resident fellow for the next 7-8 years with 60-80k annual income. My wife and I have some cash and are willing ...
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3answers
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How should my daughter give me money. Do I need to report it?

I am from Texas. My daughter wants to give me about $13,000. What is the legal way of getting that money and do I need to report it on my income tax? My state does not have state income tax, only ...
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3answers
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Is it legal to receive/send “gifts” of Non-Trivial Amounts to a “friend”?

This can be illustrated in many ways. But for the sake of a concrete example, let's assume a sample scenario: We have an employer (Mr-A) and his employee (Mr-B) also happens to be his "good friend". ...
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3answers
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Is it a gift or not?

IRS rules are not always black or white, and something that I find myself struggling with is what is considered a gift. Hypothetically, suppose I am moving soon and have a broken leg so I cannot do ...
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1answer
104 views

What are the tax implications for transferring money to friend from UK to India?

The money is a large amount and it is for a fiance to be transferred from UK to India? The money still be treated as gift if the parties get married within the year?
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1answer
721 views

My dad wants to transfer money from India to US as a family maintanance

What is the tax implication if my dad is sending money to me here in US as a family maintenance? Do I have to pay tax on that money and how much will that be?
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1answer
47 views

income tax liability

My son is working in Nederland. He first transferred money to his saving account in India and from there he transferred the money to my saving account (about RS 7 lakh), I need to know whether this ...
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1answer
400 views

What is the US tax owed when gifting India Shares to my brother?

I am planning to gift my India Shares in Stock Market to my brother, which has an overall value of 400,000 USD. According to Form 709 I can do a 14,000$ per year gift tax and file. My question is, can ...
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1answer
459 views

Can someone explain in simple and direct ways how the gift / donation tax works for a lottery winner?

My jackpot money is cleared in the bank with all its federal/state/city/village/building taxes paid in full. Now I want to start giving money away. What will be the tax implications if I give or ...
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0answers
179 views

Is Gift tax due on transfer of USD and mutual funds from non US citizen brother outside USA to sister, Permanent Resident in USA?

My sister is in USA for many years, as a permanent resident. I wish to send her about 150K $ as gift from my bank account abroad. I am an Indian citizen. These funds are from my savings while working ...
2
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1answer
525 views

In-laws want to gift us $100,000 for a house downpayment. Money will be coming from an overseas account

My in-laws (living in US, green card holders), want to gift my wife and me (US citizens) $100,000 for a down payment on a house. The money will be coming in from Taiwan. What do I need to know about ...
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0answers
92 views

Reporting foreign income from unusual source on US return

A friend and I have an interesting set-up from which I derive income and I'm not sure how to express this on my US return. I suspect it should be treated like a personal loan, but maybe it could be ...
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1answer
193 views

What is the maximum gift values between joint households

I understand there is an annual tax free gift limit of $14,000 (2016) Is this number impacted by filing status? If my wife and I (filing jointly) wanted to give my brother and his wife (filing ...
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3answers
77k views

In Canada, how much money can I gift a friend or family member without them being taxed on it?

In the united states, you can gift someone up to $14k per year without the IRS taxing the beneficiary of the gift. What is the limit in Canada (Ontario)?
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1answer
793 views

Money transfer from INDIA account (INR) to US account in $?

I have sold a plot in INDIA and want to gift the 50% of money to my brother who is working in US (San Francisco) and who want to purchase a house in US. What is the procedure to transferring the ...
2
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1answer
462 views

What are the requirements to gift $10000 from USA to my sister in India?

I am working in USA on an H1-B Visa. I want to gift $10000 to my sister in India. Her lawyer in India said I should also provide this in writing in some kind of bond paper. Where do I find a bond ...
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1answer
268 views

Taxes paid in USA for sending money to parents in India

I am on H1B visa for 5+ years now. I wanted to send money to my parents in India which is about $50,000. Am I subjected to taxes in USA? My parents are citizens of India.
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1answer
866 views

Gift Taxes , transferring money from USA to Philippines to my daughter

(I tried looking in other questions here if this has been asked, but not yet so I am posting) Hi Everyone I would like to know if I need to pay gift taxes if I am going to transfer ~68K USD to my ...
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3answers
711 views

gift is taxable but is “loan” or “debt” taxable?

For tax purpose in the US, what are the differences between (a) you give away your money - gift tax? (b) you loan someone some money - tax free? (c) you pay back the debt you owe - tax free or tax ...
2
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1answer
1k views

Taxes on cash gift from relatives in the Philippines?

My parents informed me they want to give me 1 million Philippine pesos. I am in the U.S. and the money will come from the Philippines. It is roughly $22k. Can they just wire the money directly to my ...
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1answer
447 views

Transfer of foreigner's US real estate to US citizen child

What would be the best way to transfer real estate (100% owned and paid for; no mortgage or debts) by a non-US citizen and non US resident to his child that is US citizen and living in the US from a ...
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2answers
342 views

Sending money to India from the United States

I am a student in the United States and I have taken an education loan back in India. My parents sent me money taken from the education loan for my tuition fees and expenses which I don't need now. ...
0
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1answer
232 views

What documentation is needed for receiving gifts, and how many may you receive per year in the US?

I have recieved a 10k gift from a family friend, and another 9k from a different family friend all for a car. When it comes to tax season, do I need to claim anything on these gifts? And do the donors ...
3
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1answer
367 views

Transfer money from U.S.-based NRI friend to my savings account in India?

My NRI friend wants to wire transfer money from his U.S. account to my savings account in India. Could someone please throw light on the procedure to be followed and also the tax implications?
3
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1answer
2k views

How much money can be transferred from India to U.S. account to buy house

How much money can my father transfer from his India bank account to my U.S. bank account without both of us paying taxed on it ? It will be used to buy a house in the U.S.I was thinking of getting ...
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1answer
2k views

In India, does inheritance income need to be declared while filing returns?

In India, does inheritance income need to be declared while filing returns? What if the said income is received as a cheque from the nominee? For example, consider that a parent with three children ...
5
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1answer
20k views

Transfer large amount of money from one Wells Fargo account to another

I'm helping my fiance pay off her student loans. We both have Wells Fargo accounts. What is the quickest and cheapest way to transfer a large amount, say $20K or more, to her account? I'd prefer to ...
2
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1answer
1k views

Is the money sent by my son from USA to India is taxable?

My son is presently deployed to work in New Jersey, USA by his employer company of Delhi for 3 years. He is remitting money to my general savings bank account in India. Is the amount so received from ...
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1answer
1k views

Pay for my parent's PLUS loan - tax implications?

I recently payed off my college loans and now want to pay for the PLUS loans that my parents took out to pay for my education. Does the gift tax apply if I pay the loan provider directly? I'm not ...
3
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2answers
114 views

Any downsides of using 3rd party remittance services?

Are there any downsides of using 3rd party remittance services to send money from US to India ? Like for example I use transferwise to send $x to my dad's account in India, would it show my name as ...
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1answer
163 views

Transfer of funds

My wife and I have been green card holders since Sept 2012. While we have very small income in India we hold substantial shares gifted by parents, home and some landed property. I have my aged mother ...
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0answers
86 views

Tax implications of reparceling property that was gifted from a trust

I am buying a second home on one full lot and the 1/2 vacant lot next to it. Both are part of a trust. We can't get a single loan to cover both because our lender will not do a bridge loan covering ...
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1answer
936 views

Tax consequences of forwarding an international wire

I need to legally and quickly transfer $300,000 from China to my US bank account. All of the funds that I need to transfer were obtained through legal means (with proof documents), however China has ...
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2answers
213 views

parents doing a downpayment on a house

The IRS let's you gift up to $14,000 to someone without the recipient having to pay taxes. So let's say my parents did the down payment (40%, let's say, of the houses value) of a house for me and I ...
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1answer
653 views

Understanding Gift taxes for mortgage downpayment

We have finally decided to purchase our first home and we plan to borrow interest free money from friends and family to pay off 20% downpayment and get cheaper interest/escape PMI. IRS says .. "The ...
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1answer
1k views

Sending money as gift to India from US

So, the story. A Indian citizen is working in US and is earning a lot of money. If he transfers 10K USD to parent's account in India as "Gift", then he can claim that amount to be tax exempted in US. ...
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2answers
5k views

NRI in US, how to receive money from India to US

I transferred money to my parents as Gift 3 years back, now they will be helping me with some money here in USA. My parents are in India and want to send me some amount here in USA. Is that fine, any ...
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1answer
271 views

Will I pay tax in my account in India if I get a transfer from UK from a different party

I stay in India and have a salary savings account here. A friend of mine is making a transfer from UK in GBP to my account in India. Amount is 35000 pounds. Do I face any taxes, legal liability or ...
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1answer
389 views

US citizen to receive money from mother British Overseas Citizen as gift money

My mother is a UK British Overseas Citizen residing in India. She wishes to gift money from UK account via bank transfer to my sister in USA who is unmarried yet. What amount wl my sister have to pay ...
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1answer
468 views

Is gift tax owed when giving money from a non-US person to a US person if the money is originating in a US bank account?

A Person is not a US Person but maintains a bank account in the US when the person was a tourist in the US. This person does not work in the US nor ever stay in the US for more than 10 days in a year. ...