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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34 views

Transfer of Gifts From Iran to the US

I am a US citizen and a permanent resident living in the US. My family resides in Iran. My father which is a non-resident alien is currently supporting me financially and lives in Iran. Due to OFAC ...
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1answer
48 views

Capital gain tax on airdropped or gifted cryptocurrency

Let's suppose I receive 100 XYZ tokens this week without conducting any service in return and sell them a week later. My understanding is that I have to know the fair market value of one token at the ...
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60 views

Tax on cash gift to child

Currently there is a $15k/year limit for tax free cash gifts to anybody. If one gifts more than $15k in one year to a child, my understanding is that the excess over $15k is subtracted from the ...
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107 views

How are shares of private corporations valued for the purpose of income tax?

If somebody gives me stock in a private corporation, how is that gift valued for the purposes of income tax? Assume the stock is unlisted and has no publicly tradable value. I know that all stocks ...
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1answer
124 views

Personal loan from mother

My mother paid my college fees when I came to America for my master's degree. She also paid my living expenses. All of which amounts to around 40,000$. She paid me this amount between 2015 to 2016. I ...
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22 views

change of address form 8822

In 2017-2019 I worked in the US under an H1B Visa and recently back to my native country. I am looking into filing Form 8822 (Change of Address) with the IRS. The form is straightforward but I am ...
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72 views

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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1answer
131 views

Are there any issues with sending money outside of the US?

My girlfriend is an immigrant and for her birthday, I asked her what she wanted. She said she would like me to send a gift back to her home country for her parents instead of getting her something. I ...
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1answer
124 views

Indian Resident gift from India to me who is US citizen

I'm an US citizen. My friend and relative who are Indian citizens want to transfer USD 50,000. They will send in two transactions of 25,000 each. Transfer is from their Indian bank account directly to ...
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1answer
55 views

Gift amount allowed for directors in a company in Canada

What is the maximum amount can a small business owner give a director in their corporation as a gift? We are in Canada.
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1answer
213 views

Do I have to pay gift tax on gifts in kind?

Let's say I am letting out a room in my house on AirBnB for $100 per night. Then one day a relative of mine is down on his luck, so I take it off the market and instead let him stay in that room. I ...
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84 views

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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1answer
7k views

Tax implications on money transferred to NRE account from USA

I am on the H1B visa in the United States. I want to send money to my NRE account in India. Now I know I need to file Form 709 if I send/donate more than $14,000 per person per annum and anything more ...
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2answers
1k views

Does Meghan Markle need to pay taxes for her stay at a billionaires house?

According to reports, Meghan Markle is receiving free accommodations at the home of a Canadian businessman. Assuming this is true, and given Meghan is a US citizen, and considering the fair market ...
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1answer
150 views

Is money from a trust account considered a gift?

I have a BNY Mellon Investment Fund account designated to me and set up by my parents. On the statements the Client Name is in my parents name and the Designation is my name. My financial advisor ...
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1answer
76 views

Parceling a Violin from Japan to Bangladesh

I'm a student and saved some money with part time jobs for a violin. I want a friend of mine to parcel a violin purchased in Japan to Bangladesh. Will he need to pay taxes to send me that violin?
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89 views

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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3answers
261 views

Practicalities of giving to children and grandchildren

I want to give $15k each to my daughter, her husband, and their two children for a total of $60k/yr. I see this example all over the internet, but no details on what this actually looks like. Since my ...
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1answer
326 views

Is there a non-income tax way of my father paying off my house?

My father will soon be moving in with me as he is retiring at the age of 77. We are wanting to pay off my mortgage ($250,000). But we want to do it all in my name because we don't want it to appear as ...
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1answer
719 views

How much is my signing bonus after taxation in Berlin Germany?

an employer is offering 3K EUR as signing bonus, I was told that it's taxable, so I want to calculate how much tax do I have to pay and how much will be the 3K after all tax deductions? I live in ...
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1answer
135 views

US citizen gifting real estate to non-US citizens

Annie, a US citizen, has 2 houses (around $60K each) to give to her family members and try to avoid or minimize gift tax. She would like to give (a) one to her mother, a US permanent resident; and (b) ...
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1answer
2k views

Do I need to file reports when transferring money to US?

I have saving account in the country of my citizenship. After moving to US and get permanent residency, I want to transfer money (> 10,000, after-taxed, not business or gift) from my saving account to ...
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1answer
155 views

Sending a gift of wine to USA

I sent a bottle of wine from Portugal to Connecticut, USA. This is a gift for my friend. The bottle is 0.75L and costs about 130 euros (about $140). Will my friend pay a tax upon receiving the gift?
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330 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 ...
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0answers
46 views

What is the best way to gift NRI daughter from India? [duplicate]

My dad is an Indian citizen and he plans to sell his farm land and send the proceeds to me as a gift. I am a US citizen. What are the tax implications to my dad since he is selling farming land? ...
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3answers
487 views

What stops someone from abusing the Annual Gift Exclusion Amount?

Let's assume this hypothetical. My son is now 18 years old. Since he was 8, I've been setting aside the annual gift exclusion amount and placing it in a safe in my house. With snipers guarding said ...
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1answer
82 views

Is it required to mention money returned by friend in ITR filing in India?

I live in India. For a long time I was giving money to my friend as he lost his job; there was no other option for income. But later he got job so he returned all my money recently into my bank ...
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1answer
857 views

Gift amount that can be received in one year from Foreigner

I am a US Citizen . What amount can I receive as a gift in one year from my parents who are not US Citizens [or green card holders]. Do I have to declare these gifts and is it to be declared at the ...
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2answers
141 views

Gift of Equity Tax when selling to family member

I am buying a house from my brother, the house is worth $220,000. and my brother willing to sell it to me for whatever the house is owe the bank, which is $170,000. He is willing to give me all of the ...
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1answer
787 views

Sending money ($80k) from USA to India, any issues with IRS?

I would like to send money around $80k USD to INR to family in India, to purchase a property. This is the money from my savings and loan. I read somewhere that If I send more than $14k to a person, ...
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1answer
202 views

Do I need to pay taxes if I receive money from my family (foreign country) in UK?

Actually this is for my sister, she lives in London and I want to send her money from USA to her bank account. Will that transfer affect the taxes she must pay?
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62 views

Canadian parent gifting adult child in the US [duplicate]

My wife was born in Canada but now has her US citizenship and resides with me in the US. She still has Canadian Citizenship but, as you know, the US does not recognize dual citizenship. One of her ...
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2answers
265 views

Using the gift exception to get more money to charity

Like most middle class families after the 2018 tax code changes, even with a mortgage I'm very far from being able to itemize. Looking at how to optimally give to charity, it seems like a shame to not ...
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0answers
82 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 ...
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1answer
113 views

Can I take gift money from my wife to buy property?

I'm buying a property worth 1cr. 40% by my wife and 60% by me in India, Hyderabad. But i don't want to include her in the apartment registration documents. What are the tax implications if i take the ...
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81 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 ...
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3answers
395 views

Do I need to inform the IRS in advance if I gift money?

I live in the US and want to give my sister who lives abroad a large amount of money to help her buy a house. I understand I will need to declare that amount which will be deducted by the amount that ...
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1answer
2k views

Avoiding estate tax by giving multiple gifts

From my understanding in the US, a father can give an individual gift of $15,000 to a child (or anyone) without any tax liabilities and without impacting the lifetime allowance. If the father wants ...
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2answers
613 views

Is it possible to pay off a friend's debt without them being taxed on it?

I'm in England. Let's say my friend has £45,350 salary, and a credit card debt of £5,000. Were I to pay that debt off for them, would that £5,000 from me count as income, increasing their tax bill? ...
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3answers
1k views

Joint gift to grandchild

In 2019 we plan to give $25,000 to our 26 yr old grandchild. All of our ready cash is in joint checking and savings accounts, with both names on the checks. Can we write one $25,000 check as a gift ...
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2answers
1k views

Gift tax issue ? Bank transfer to two individuals with same joint account

My wife and I want to gift to our son and daughter-in-law. They have a joint US account but are residing overseas, so sending checks for separate endorsement is not reasonable. We can bank-transfer ...
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2answers
57 views

From a legal point of view, how do I establish who the gift “receiver” is while transferring money from the US to India?

There is $14,000 per receiver per year federal gift tax exclusion limit while sending money from the US to India. From a legal stand point, how can I establish that I am sending the gift amount to ...
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1answer
185 views

Tax implications of money transfer to and from parents

I am an Indian working in the US on H1B and I want to transfer some money (about $70k) to my parents in India. They plan to use it temporarily and then return the money back to me in the US. What ...
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2answers
3k views

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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1answer
277 views

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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0answers
54 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. ...
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3answers
21k views

When does giving a gift “count” for tax year?

If I send a check to someone in one tax year, but they don't cash it (or receive it) until the next tax year, which tax year does the gift count against?
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1answer
1k views

How to transfer money from india to usa [duplicate]

My son is a US Citizen and he will be entering into College on coming September 2019. We (parents)are green card holder & lives in US. We have a house here in India. We want to sell it and bring ...
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2answers
2k views

Does IRS count paying mortgage principal as taxable income from family?

My parents offered me a generous gift, specifically they want to pay off $10,000 of my mortgage principal (the mortgage is under my name, not theirs). However, I am hesitant to let them do this, as ...
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2answers
177 views

Taxes on money gift from abroad

Would I be taxed on money gift from abroad? Consider the amount is larger than 100k. If yes, what is the rate? If no, do I still have to file some particular tax form on it as well?

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