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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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 ...
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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 ...
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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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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 ...
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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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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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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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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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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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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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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 ...
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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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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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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 ...
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Do I pay gift taxes in US, if I send money (>$15000) to my father in India?
I am in the US on F1 visa - OPT, I need to send money to pay off my student loan in India. I have already sent about $25000 to my dad, who has paid it to the bank for my student loan and I am planning ...
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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 ...
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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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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 ...
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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 ...
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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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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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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 ...
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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'...
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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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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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What is considered a gift to my children?
I understand that there is a $16,000 limit on gifts to each child, grandchild, etc. by each parent each year.
I understand that if a child or grandchild is attending college, paying their tuition does ...
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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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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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Does it matter how long an apartment is gifted to a child to cause any tax liability by the IRS?
If we choose to gift an apartment of ours to a child, can they gift it back to us in a few years without them and us having to owe any tax for any reason? If so, how much time is the minimum that the ...
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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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