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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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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Transfering from joint bank account to personal account: implications for gift tax
Say person A has a bank account with US$20k in it, and then A adds B (not a spouse) to the account, so it's now a joint account. B then withdraws the money and deposits it to his personal account. ...
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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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Joint bank account, give money to son/executor without gift tax implications
My grandfather passed away. I was added as a joint account holder onto his bank account to manage his money and bills as nobody else could after my mothers passing. His Son is also a joint account ...
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What is the best way to recieve a $10,000 gift when you need some but not all of it immediately? [duplicate]
In the next 3 weeks I will be moving to a new location - my parents have set aside $10,000 for us.
My parents can transfer this money from their account to my account - because we share a credit union ...
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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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2
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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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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 $15k is subtracted from the ...
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Personal loan from mother
My mother paid my college fees when I came to America for my master's degree. She also paid my living expenses. All of which amounts to around 40,000$. She paid me this amount between 2015 to 2016. I ...
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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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 ...
2
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1
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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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2
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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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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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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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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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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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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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3
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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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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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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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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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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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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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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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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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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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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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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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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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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 ...
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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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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 ...
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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 ...
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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 ...
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