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.

Filter by
Sorted by
Tagged with
4
votes
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?
1
vote
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 ...
10
votes
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 ...
0
votes
2answers
180 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?
5
votes
1answer
36k views

How gifting money to Parents helps in Tax saving in India?

My Salary in a FY is Rs.6,50,000. If I gift 50k to my Father who is retired but getting pension, will I get a 50k tax benefit? If Yes, then under which section would it be? 80C or other? Secondly, if ...
2
votes
1answer
2k views

Are gifts taxable income in Canada if not from family?

If I receive a large sum of money (going towards helping fund athletics) from a person who is not family, does this count as personal income? I know there have been cases where people have been ...
4
votes
1answer
3k views

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 ...
1
vote
0answers
82 views

Gift from my Dad [duplicate]

My dad lives in India and is an Indian citizen. I am a UK citizen. My dad would like to give me and my wife a gift of around £8K each. Would I have to pay tax on this in the UK? My dad has already ...
0
votes
1answer
65 views

Investing in grandfathers name to save tax in India

I was looking for saving tax by investing/gifting to parents. My father/mother is paying tax, instead can I gift my money to grandfather to save tax ? Grandfather does earns so easily 20 lakh could ...
1
vote
0answers
15 views

Money transfer from India [duplicate]

I am a green card holder in US, my mother wants to gift me $6000. I want to know if there are any laws that prevent me to accepting the monies as gift? Will I have to declare it in my return? Will she ...
2
votes
2answers
314 views

Tax implication when receiving Bitcoin gift from foreign relative?

Does the recipient has to pay tax, or report receiving the Bitcoin? receiving: US, sending: China. Edit: receiving gift.
2
votes
2answers
176 views

Capital gains when selling property

My parents bought a condo in 2005 for $75,000 and rented it out through 2015. I got married in March 2016 and moved in. I paid the HOA and property taxes to my parents. My parents gifted this ...
18
votes
2answers
5k views

Can you gift someone money for purpose of investing to avoid capital gains upon inheritance?

After reading through information on capital gains tax and estate tax, I read that a heir of an investment does not have to pay capital gains on that investment. That is it's transferred free and ...
4
votes
1answer
1k views

Tax consequences of a gift returned to sender?

Transaction 1: On 2014-12-27, I sent a holiday gift of 0.1 BTC (which according to Coinbase was worth about 31.47 USD at the time) from my Coinbase account to an email address. Transaction 2: On 2015-...
1
vote
2answers
211 views

WIll money that a friend sent me (for his share of dinner bill that I paid) be taxed in India?

I paid for dinner with 3 of my friends. And at the end of the day, these 3 people send me Rs.500 each. They sent me the money via UPI bank transfer (say, using phonePe or BHIM). Will this amount (Rs....
4
votes
1answer
325 views

Helping friends pay for a party

We're throwing a BIG party next year. Our friends have agreed to contribute. The total cost of the party comes to £20,000. Our friends will contribute £15,000 and we will subsidise the rest. This ...
2
votes
0answers
80 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?
0
votes
1answer
185 views

Tax liability for Resident indians through funds received from NRE account [duplicate]

Please, I would like to transfer a bulk amount from my NRE account to my parents account, For Taxation purposes,Do they need to pay only for interest accrued thereof or for the entire lumpsum amount ...
1
vote
1answer
351 views

Is money collected from childhood taxable?

My daughter is a business woman currently. She started consultation and business from 18 years. Also before she turned 18 she had collected around 2.5 lakhs as pocket money from her relatives, and ...
1
vote
1answer
99 views

Payment of tuition in reference to gift tax

I am looking to make a career change from a software engineer to become a commercial pilot. Becoming a pilot requires a lot of specialized training and therefore is very expensive. A few years ago my ...
6
votes
1answer
62k views

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 ...
0
votes
1answer
122 views

How is “fair market value” determined?

If a person receives a gift worth over $10,000 from another American, it is potentially taxable, but how is the "fair market value" of the gift determined? For example, let's say a man gives his ...
2
votes
1answer
150 views

Gift taxes when donor is non-citizen

Is there a gift tax when a foreigner (not a US Citizen) gives money in amounts greater than $100,000 but less than $5,000,000 to a US citizen (who is unrelated to the donor, not a spouse or decedent)? ...
3
votes
1answer
282 views

My father in law (wife's father) who is a PIO wants to gift money of 30000usd.what are the tax implications

My question is about my father in law and mother in law who are Persons of Indian Origin (PIO) and United States of America citizens who want to gift me 30,000 USD from their USA bank accounts to my ...
3
votes
2answers
991 views

Can non-profit give a gift card to a store to someone in need?

Is there any law that would block a non-profit from giving a gift card to someone in need, say, a $100 food store gift card? If a non-profit is allowed to give the gift card to someone in need, is ...
2
votes
1answer
95 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
vote
1answer
433 views

I am Indian Resident, and would like to gift my daughter who is PIO as well as US Citizen now

I am Indian Resident, and would like to gift my daughter who is PIO as well as US Citizen now. Pl answer following queries : Will gift tax be applicable in such case to donor (per Indian law) and/...
3
votes
1answer
8k views

Tax implications on money transferred to NRO account

Here is the situation - my wife and I are based in UK. I have NRO/NRE account in India. My wife has remitted some money to my NRO account in India. Can the forum please help me with the following? ...
3
votes
1answer
9k views

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 ...
0
votes
1answer
429 views

What is Donor's adjusted basis of gift?

What would the "Donor's adjusted basis of gift" be for a money gift? Would it be the same as the value of the money sent? I'm filling out form 709 Schedule A, Part 1, column D and I'm lost.
2
votes
1answer
74 views

For form 709 (Gift Tax), should I record the date I sent a money gift or the date my bank sent the transfer?

In 2017, I sent about 60+ gift transactions of about $50-$500 to a friend in Australia to help pay for her bills using Paypal. The total for the year was about $14,800, so I know I need to fill out ...
1
vote
2answers
174 views

Preparing my own U.S. gift tax returns: dumb idea?

Summary: I have to file a U.S. gift tax return. The accountant wants $750 to prepare it. I think I can prepare it myself. Bad idea? My spouse and I are citizens and residents of the United States. ...
2
votes
2answers
120 views

2018 Tax Gift Question

Can a married couple be given separate gift checks of $15000 from the same person and not have it count as income on their 2018 returns? Is there any penalty for the giver?
0
votes
1answer
196 views

Tax implications of adding a LPR spouse as a joint account holder

If a US permanent resident adds a US permanent resident spouse as a joint account-holder on a brokerage (or other) account, what are the gift tax implications, if any? I believe that in the case of ...
3
votes
1answer
167 views

How do the taxes work when selling your ownership of a house and then gifting that money to your child?

My mother recently sold her half ownership of a house to her ex-husband. She received $215,000 from the sale. She's lived in the house for decades so I believe she applies for the capital gains ...
3
votes
1answer
1k views

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 ...
29
votes
3answers
8k views

How could George Clooney have paid his friends' taxes?

According to an article published today in several media outlets including Fortune magazine, George Clooney once gave 14 of his friends $1 million dollars cash. The article also claims that Clooney ...
8
votes
1answer
3k views

Best way to transfer abroad loan amount to Indian parents Savings Account

Can you please advise: I am working in Dubai, and applied for a loan of 25 lakhs, I would like to use this funds to repay my personal loan (to relatives) and want to buy a land with left out money. ...
3
votes
2answers
47k views

Do I have to pay income tax if my friend uses my bank account to transfer funds to a third party?

Suppose my friend has to transfer to someone a big amount using debit card. Since he doesn't have a debit card, he transferred the same amount to my bank account via cash and asked me to make ...
8
votes
3answers
20k views

How much in gifts can I receive per year in the US?

After reading IRS Pub 950 it appears one couple can gift another couple up to $56,000 per year. My question, how much can one receive per year? For example, take my girlfriend and me: Can we receive $...
2
votes
0answers
109 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 ...
5
votes
3answers
126 views

How to claim gift aid for funding a local park

Our parish in England is fundraising to support improvements for the local park. As the park is owned by the council, and they are not a charity, there is no gift aid. However; Clearly this is very ...
4
votes
2answers
13k views

Is amount transferred by third party to savings account considered as income?

If my friend transfers (using Third Party Transfer or NEFT) some money to my savings account, does that amount count as my transfer income and do I have to pay tax on it?
2
votes
1answer
1k views

Gift loan and the 100k rule

My uncle gave me a zero-interest 70k loan. I immediately used it to pay off a big chunk of my student loans. As I understand, under the 100k rule he doesn't owe any tax on imputed interest as long as ...
3
votes
2answers
95 views

How do I treat my taxes for a partially dependent parent?

I'm in a situation where I'm making a good income, but my parent does not make enough money to float the taxes and living expenses. Usually she pays 0 taxes. (Her only income is Social Security and ...
7
votes
3answers
2k views

Can I gift money out of a UTMA account to my child's sibling?

My Father gifted $50,000 to my daughter over a 5 year period. This money is in a UGMA account on my daughter's behalf. I now have three children. My father's intent was to provide for all of my ...
24
votes
1answer
4k views

I am distributing an inheritance based on verbal bequests. Is this considered a gift that must be reported to the IRS?

Before my mother died recently she gave me a verbal list of bequests she wanted to make that were not in her will. Some of these exceed $14k. I will be paying them out of my own bank accounts with ...
1
vote
0answers
208 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
vote
0answers
31 views

Receiving a gift from a foreign national as a U.S. citizen in Italy [duplicate]

I'm a U.S. citizen who might receive a gift from a foreign (Dutch) national. As I understand from this link, under U.S. tax law such gifts are not subject to income tax, although one does have to file ...
2
votes
1answer
2k views

Is a tax applicable or not if I lent my brother money in India while I am abroad?

From 2002 to 2010, I was working abroad. I sent money to my account in India via Western Union. In every transaction I used to keep 10000/- separately with me (my hard earned money). In the last 8 ...