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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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 ...
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Under UK law, what is the effect on inheritance tax liability of giving a gift back?
Scenario: a parent gives a gift to their child, but the child later gives the gift back. The parent then dies within 7 years of the original gift being given, and the child inherits the parent's ...
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Can I save STCG on profit from US stocks by gifting them to parents (with no income) who sell them within 24 months from actual date of acquisition?
Short version of the question
Parents have almost no income. I live in India and earn RSUs listed in USA from my employer as perquisites. Can I save tax by gifting them to parents who then sell them ...
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Tax implications when paying all-cash for real estate that is under your unmarried partner's name?
When buying real estate, title company usually asks how title should be formed. So had few questions when buying property together (or for) partner with whom you are not married, but have been living ...
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Does a state tax credit received as a gift count as income?
I have received a state tax credit for a historic rehabilitation project, which for a fixed fee the state of Arkansas allows me to partially sell/transfer. Whoever has the credit has up to five years ...
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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. ...
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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?
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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 ...
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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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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 ...
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143
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Accident claim money, rules, taxes and limitations
F1 student, OPT from July 2020. I had an accident where I was hit by a car (I was pedestrian). I filed a claim through my lawyer and received money from the car driver's insurance company (around 60K)....
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Transferring money from India to US from my Mom
I am an Indian married to an American citizen living in the US, in the waiting phase for my Green Card application decision Process. My husband and I share a joint account here in the US. My mom lives ...
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Avoiding taxes on a money gift in Germany
I'll come to Germany for the first time in 2023 to study in a German university as a foreign student. I am from the country of Georgia. My mother will soon give me a money gift by transferring it from ...
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Will I pay tax in Germany on money sent to me by my friend who lives in the US?
A friend wants to send me money as a gift to help me with a few of my plans, my friend lives in the US, and I live in Germany (Berlin).
Will I have to pay any tax on this money? Do I need to declare ...
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Gifting The Same Asset Back & Forth - 2x Exemption Used? Or $0 Exemption Used? (U.S.)
I have a question about U.S. estate/gift tax law.
Imagine one person gifts an asset - i.e. a $1 million house - to another, & files a gift tax return in the year in which it was gifted. Then ...
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Money gift from Indian father to son with British passport
Father in India wants to gift £ 50,000 to son in UK (who has British passport) for buying property.
I am getting a letter from a Indian chartered accountant stating the source of the funds and tax ...
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India to UK bank transfers
Is a UK passport holder with an Indian bank account in Kolkata, allowed to transfer money to their son's UK bank account as a gift. He is a UK passport holder.
Thank you
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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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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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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 ...
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104
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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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523
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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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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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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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U.S. Estate/Gift Tax: If Previously Gifted Asset Is Brought Back Into Estate At Death, How To Account For Prior-Filed Gift Tax Return?
This question is about U.S. estate/gift tax law.
Imagine a scenario where a parent gifts an asset to the child, i.e. a $500k house, in an irrevocable grantor trust. It's a "completed gift" ...
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145
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Tax implications of swapping/gifting real estate between me and my sister
I have property in a foreign country and my sister lives in and is a citizen of that country. I am a citizen of the USA. She in turn has property in the USA. Can we swap properties if they are within ...
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101
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Donating/Gifting money to an individual in India
An NRI (A) decides to donate/gift some money to an Indian citizen (B) residing in India. Currently the money is in an NRO account (of A) in India and A would transfer the money to a savings account of ...
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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 ...
