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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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.
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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 ...
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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 ...
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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-...
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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....
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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 ...
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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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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 ...
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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 ...
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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 ...
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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 ...
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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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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/...
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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.
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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 ...
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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 ...
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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 ...
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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. ...
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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?
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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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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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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 ...
user66474
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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 ...
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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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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 ...
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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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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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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 ...
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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 ...
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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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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 ...
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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 ...
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Can yearly tax free gifts to a person in the U.S. be sent in multiple checks?
I'd like to give someone a monetary gift, well under the current $14,000 Annual Gift Tax Exclusion limit; however, I'd like to send them multiple checks throughout the year. I'd heard about this in my ...
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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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What are the tax implications for a friend to whom I transfer 15 Lakhs directly from USA via Xoom or through my Indian NRO account?
If I transfer 15 Lakhs to a friend's Saving Account who has no source of income, directly from Xoom or from my Indian NRO account. Will my friend be bothered by income tax department? What are the tax ...
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What are tax rules for recieving money from japan
I live in India and if one of my friend from Japan send me money in my account.
Is this taxable for me.
Is there any limit for receiving money from Japan to India from
person other than blood ...
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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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Transfer of money from India to US for my son's education
I am currently an US Citizen. I am selling a plot of land that I own in India to an Indian resident.
From the proceeds
I would like to purchase an apartment in India for my parents use.
Would like ...
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Paying someone's college tuition to avoid gift taxes: how do I show the payment is applied to tuition, not other fees?
According to Section 2503 of the Internal Revenue Code of 1986, a payment made directly to an educational institution to pay for the tuition of a student does not count as a gift to the student for ...
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How does the bank/IRS know whether a bank transfer over $14k is a gift or loan repayment?
Suppose I want to help a relative, an international student, pay his college tuition before he arrives in the US (let's say the amount is $20k, i.e., over the $14k tax-exempt limit for gifts). He'll ...
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Dad gifting me a house for 2 years, how to deal with taxes?
My dad is moving to Florida. He loves the house he has in New York. He wants it to stay in the family but I can't quite afford the mortgage yet. I have a wealthy cousin who said he'd hold the NY house ...
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Is a loan from a friend taxable in India?
If a friend of mine transfers money (say 5 to 10 lakhs Rs) to my savings account, does that amount count as my income and do I have to pay tax on it?
Will the Tax authorities question me ?
Should I ...
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Principal Residence & no gifting tax = loophole? (Canada)
Here is a hypothetical scenario I was discussing with someone today that I think seems fishy, but I can't find much info on.
An adult gives money to his 20 year old kid to buy a house as a gift.
The ...
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"Gifting" a house to a family member
I bought a house for myself a few years ago with the profit from an investment, however as I was (still am) under 18 I had my mother buy it in her name. As I am nearing 18, I was wondering how I could ...
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Not Reporting Excessive Gift on Taxes
My step-father naively, but with good intentions gave away my recently deceased mom's car to a family friend. I'm guessing the vehicle is worth $20k - over the $14,000 allowance for gift tax.
He ...
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Limits and taxation of receiving gift money, in India, from a friend in Italy?
I live in India and have a friend of mine who lives in Italy.
He wants to send me money, as a gift. I'll probably be using that money to invest in stock market.
What I don't know is that how much ...
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How to declare foreign gift of nearly $10,000
I understand that gift from a foreign entity (in this case, my non-US parents) is not taxable, but has to be reported.
According to the IRS' instruction on Form 3520, I only have to report the gift ...
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Giving money to sister's son
I want to give rs.1lacs (100,000 rupees) to my sister's son who resides in the UK as my sister died recently and he has no father. My sister's son is an adult and is earning. So is this gift taxable ...
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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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Avoid paying higher rate SDLT UK
I currently own Property A (my main place of residence) with a 60% mortgage. Property A is valued at £150k, therefore the outstanding mortgage is £90k.
My parents are mortgage free, and still working.
...
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