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
189 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 ...
3
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0answers
61 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 ...
2
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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. ...
2
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0answers
74 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?
2
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0answers
98 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 ...
2
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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 ...
2
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1answer
88 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 ...
1
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0answers
197 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....
1
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0answers
171 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 ...
1
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0answers
181 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 ...
1
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0answers
87 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 ...
1
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0answers
476 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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0answers
2k views

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 ...
1
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0answers
458 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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0answers
77 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 ...