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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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
272 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
396 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
481 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. ...
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2answers
2k views

Questions regarding taxation for Indians living in U.S.( citizens of U.S.)

Greetings of the season. I have some clarifications and questions regarding taxation for Indian's living in U.S. What is the maximum cash gift a person can receive from Indian parents? Beyond what ...
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1answer
586 views

Tax implications of dad paying cash for my home, and me paying him back?

My father found a better loan than us, so we are thinking about him giving us the money for the house, we pay cash for the house so we get it under our name, and then we pay to him every month for the ...
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4answers
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Borrowing from my brother for the downpayment of house?

I am looking to by a house real soon. I definitely want to avoid PMI and put down 20% which amounts to about $100K of initial payment. I have no debt whatsover (no credit card/student/car loans). I ...
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1answer
2k views

Is the amount taxable if my grandfather sells agricultural land

My grandfather who is around 80 years old selling agricultural land that he has acquired from his forefathers in Aligarh (Uttar Pradesh). He would the selling the land for 13 lakhs. Is this taxable. ...
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1answer
6k views

Tax implication for Indian citizens working in US on L1 visa

I am a citizen of India, currently working as a software engineer in India. Thus I am paying income-tax to Indian-Govt. I am moving to US in November-2014 on L1-Visa. I had following questions in ...
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2answers
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What are the tax implications of selling shares inherited by me from my father and sharing the proceeds with my sister?

My father passed away recently leaving behind 65 lakhs in shares and 25 lakhs in FDs (Fixed Deposits). I am the joint holder in both the shares as well as the FDs. This amount has to be shared by me ...
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1answer
901 views

If I receive 150000$ in my Indian savings account how much tax i shall pay?

My friend is planning to invest in India. So if he transfers around 150000$ to my account.. How much tax do I have to pay? Is there any way to show it as foreign investment? Can I include my ...
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1answer
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Transfer money from NRE account to a local Indian account

I am currently in US and I generally transfer money to my NRE account in India. I was wondering if I could transfer some of it to my mother's local bank account. Will she have to pay any tax if I ...
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1answer
506 views

After my father's death, how can I transfer 50% of an account to my sister in the most tax efficient way?

My father has some shares in his demat account with me as a joint holder. He expired recently. Now I will have to transfer 50 percent of the total value to my sister. Will it attract short term ...
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1answer
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As US citizen want to send money to my parents account. Do they need to pay tax? If not how can they show that it is a gifted amount from my daughter?

I am US citizen and want to send around $45k to my parents in India. Is there any kind of tax I or my parents need to pay? If not then how can they show that it is gifted amount from their daughter in ...
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0answers
480 views

Gift tax exemption amount on funds transferred to parents joint account from US to India

What is the limit on the amount of funds that I could transfer to my parents' joint account (held by my mom & dad) without incurring gift tax? I see the limits posted as $14000 per recipient, ...
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1answer
161 views

Taxes on gifting a home to a son?

My father owns a property (approx. value $175000) he owes $60000. He wants to gift the property to me. 1. Can I pay (or give him the money to pay) the remainder of the mortgage and have him gift the ...
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0answers
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Gifting Money for a downpayment

I am about to buy a house with my girlfriend and her credit is not established enough to get a good rate. I have excellent credit therefor, I would like to just hold/mortgage the note myself to get ...
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4answers
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Can I gift my wife 14k to reduce my tax liability?

If I can, can she use it for things like bills or shared expenses between us? If so, why aren't more people doing this? It seems like an easy way to shelter some money.
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1answer
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Tax implications of currency exchange between friends?

I am a US and French citizen and have bank accounts in both countries. One of my friends is a Permanent Resident in the US and also has French citizenship, with bank accounts in both countries. I ...
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1answer
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Would there be issues with giving someone a gift out of a joint account if the total is over the annual limit per person?

My sister and I would like to give another relative $25,000 as a gift. We have a joint bank account together, and had planned on writing a single check from the joint account for the full amount. We ...
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1answer
720 views

Gift Tax Exemptions in the US

I recently married and am planning to buy a house, my parents would like to assist us by giving a gift to put into the house. The limit for this year is 13000, now my question is, is this limit per ...
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1answer
601 views

Gift tax with family member gifting real estate

My husband's family member wants to give us his house. It is valued around $48,000. How can this be achieved without gift tax implications? Would he be able to gift us half of the property this year ...
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2answers
3k views

How does tax work with donations?

My understanding of the gift tax is that the donor has to pay the tax, but up to a limit they don't have to pay tax. I'm a developer. Suppose I offer my software/libraries/blog for free on my site ...
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1answer
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Company owners gift to employee UK

The Boss of the company I work for has just sold his company. He has now retired, but he has decided to award monetry gifts to all employees. A formula has been developed to determine a fair ...
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1answer
239 views

Foreign currency in my uncle (no blood relation) account

I work in middle east and wanted to transfer money to my uncle's account, as a help to him. I will be depositing cash money through a money transfer agent. First question is "does my uncle have to ...
2
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1answer
314 views

Gifts under the annual gift tax exemption FROM minor children?

I have multiple minor children and one spouse. I want to target one recipient R with the max under-the-exemption gift money. I am aware I can give R $14k and my spouse can give R $14k for a total of $...
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1answer
498 views

Is money sent by my brother to buy a flat taxable?

I am a Canadian citizen living in Halifax. My brother wants to help me buy a flat and plans to transfer money as a gift ($150,000 USD) from the States to Canada. Is the transfer taxable?
2
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1answer
840 views

Gift tax on currency exchange with friend?

I have a friend who is moving from the UK to the US for studies. She intends to transfer her money in the UK (~20K GBP) to the US for personal maintenance. I have a brother who will be starting ...
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1answer
2k views

If I repaid a monetary gift, is still considered a gift by the IRS?

My mother lent my husband & me $200K to close on our new house, but our mortgage broker made her sign a letter declaring the $200K a "gift," since he was concerned that our home loan wouldn't be ...
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1answer
2k views

Tax implications of gift from UK to US

My grandfather is advancing in years and has moved in to an senior citizen's home. He has decided to sell his former home and distribute the proceeds between his descendants. He is a resident and ...
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2answers
928 views

Gift tax on sending money abroad from US

I wired transfer about $20k to my father's account for family support (and the limit for gift tax is ~$14300 per person), in this case, can I claim that I'm actually supporting both my mother and ...
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2answers
3k views

Do I pay taxes on a gift of mutual funds?

My parents, saving for college many (20+?) years ago, purchased some Evergreen mutual funds for each of their children. I believe the accounts were established in the children's names. Thanks to some ...
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1answer
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Am I able to conduct a private sale of public shares at a price that I determine?

I was wondering if it were at all possible to sell my own shares to someone specific at a price I determine? Let's say I have $1,000 worth of an arbitrary publicly traded company and I wanted to sell ...
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2answers
3k views

Father wants to gift child with approx $200k. Smartest way from USA tax perspective?

The father would like to find the best way to help his (~40 year old) daughter with approximately $200k in home loans. Without (yet) seeking professional advice, he has loosely considered: Gifting ...
2
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1answer
140 views

Gift tax on investment property bought below appraisal value from a non-related person?

I have a friend who I am purchasing an investment property from at the same price they paid for it but the appraisal value is about a 1/3 higher than what I will pay for it. Will the seller owe gift ...
8
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1answer
889 views

If my fiance gifts me $18K and we get married before the end of the year will the gift tax apply?

My fiance and I are trying to buy a house. The loan is in my name, but he would like to pay for $18K worth of closing costs. The plan is to close the deal by 10/21/2013. If we get married by the end ...
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3answers
2k views

Tax Consequences of a Gift

A family member intends on gifting us a sum of $70,000 towards the purchase of a new home. My question is - will that family member owe any gift tax on it? I have been reading sources that appear ...
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1answer
1k views

Gift Tax owed on the transfer of a Home Equity Loan

I'm in a bit of a conundrum here: My sister owns an investment property outright (no loan on it...) She lives with me in my primary residence. Now, my family and I are moving to another house, with ...
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0answers
459 views

If I give my daughter $57K for her mortgage down payment and closing costs, will I owe taxes on the gift?

My daughter lives in Florida. I would like to give her $57K of my savings to cover her mortgage down payment and closing costs. I live in Puerto Rico. Will I have to pay income tax on this transaction ...
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2answers
1k views

How do I handle taxes on a very large “gift” from my employers?

My husband just received a $700,000 "gift" from the partners at the organization he has worked for for over 13.5 years. These particular partners sold their share of the partnership, making an ...
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3answers
5k views

How to avoid having my father's down payment assistance get taxed as a gift

My father has offered to pay up to $70k towards a down payment on a condo for my wife and me. I understand that gifts of over $13k get taxed pretty heavily. Is there a way to avoid this when it comes ...
10
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1answer
407 views

When funding a trust does the gift tax exemption apply?

I'm researching setting up a bypass trust with my spouse. When I fund the trust, do the funds/property that I put into the trust count against the annual or lifetime gift tax (a.k.a. transfer tax) ...
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3answers
345 views

What are the rules for gifting for a couple when one is a U.S. citizen & the other a Canadian?

If one spouse is American and the other Canadian, what are the gifting rules for this couple? Is the couple still limited to 26,000 or can they specify that the American is gifting 13,000 and the ...
3
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2answers
324 views

Can spouses filing jointly give gifts to each other and claim the gift exemption?

Is it considered as an exclusion/exemption under the gift tax, if spouses who are both working and filing jointly give gifts to each other even though in reality the amount of the gift still stays ...
10
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1answer
994 views

What are the US gift tax rules for gifts from non-US persons?

I am a US permanent resident for several years now. My family resides overseas and are not-US persons - they visit on tourist visas. They have bank accounts here in the US. I am planning to buy my ...