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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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)?
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I am a Canadian resident who wants to gift my Adult US child CAD$175K. What are the tax implications?
I am a Canadian resident who wants to gift my adult US child $175K Canadian. What are the tax implications for the US resident who resides in California?
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Does a gift to a baby that's accepted by a parent count as a gift to the parent?
I live in the United States, and I recently had a baby girl. My mother would like to give her some money by check, but the baby doesn't have a bank account yet. I've read that I should be able to ...
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Gifting of money by USA residing son to his parents
My son wants to remit some money in his mother's account jointly with me(father). It is very much clear that it will be tax free in India being a gift.
Does Income Tax department need some proof to ...
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Money from my parents from abroad to my bank account in UK
I am from Japan. I have moved to UK recently on a spouse visa.
I still have my Japanese bank account which I have been using even before I came to UK.
I have saving in that account and also my ...
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Gifting money from Canada to Germany
I have two nieces in Germany and would like to gift some money to them before I die.
Will they have to pay tax on the money ?
Can I just send them a bank draft in Euros ?
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Gift money from uncle to nephew, from NRE account to Indian saving account
If a nephew gets gift money in his saving account from the NRE account of his uncle, how much limit of the gift money should be & whether the gift money is taxable for nephew?
Is it required to ...
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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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Canada tax on cash gift from abroad
I am a new immigrant in Canada, I received cash gift transferred to my bank account in Canada from my family members abroad for supporting my life in Canada. Is this cash gift received taxable ?
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In India, if I transfer money to my parents and they transfer it to their nephew, will it be taxable for my cousin?
I know the money isn't taxable when I send it to my parents and they send it to their nephew as it will count as a gift coming in at both places
But if this is done sequentially and soon one after ...
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Taxes when transferring money
I'm a US taxpayer (non-resident alien) and I'm being pushed by a friend to do the following:
He will transfer 40k from a US bank account that he owns to my personal account.
I will withdraw this ...
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What is the most efficient way to gift money to young relatives?
I have 3 nephews and a niece, all under 6yo. I'm single and in a position to put aside ~$500/yr/child. I'd like to do this with securities and take advantage of some compounding.
I'm not ruling out a ...
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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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Do political campaign contributions count as gifts for tax purposes?
If I donate to a standard U.S. (non-charitable) political campaign,
does that amount reduce my annual and/or lifetime gift allowance?
do I have to report that amount somewhere on my federal tax ...
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Forwarding a received international wire without gifting
I'm in a similar situation to this:
Tax consequences of forwarding an international wire
I've read the answer and comments to that question. However, transferring through Bitcoin is not an option. ...
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Payoff of student loan by parents
My son recently graduated from medical school with a student loan of ~ 200K. He will be a resident fellow for the next 7-8 years with 60-80k annual income. My wife and I have some cash and are willing ...
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Is it a gift or not?
IRS rules are not always black or white, and something that I find myself struggling with is what is considered a gift.
Hypothetically, suppose I am moving soon and have a broken leg so I cannot do ...
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What are the tax implications for transferring money to friend from UK to India?
The money is a large amount and it is for a fiance to be transferred from UK to India? The money still be treated as gift if the parties get married within the year?
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income tax liability
My son is working in Nederland. He first transferred money to his saving account in India and from there he transferred the money to my saving account (about RS 7 lakh), I need to know whether this ...
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Giving kids annual tax free gift of $28,000
We are planning to pay for kids' education using the annual $28,000 limit of tax free gift. Do we have to send money from each parent's single bank account? If, for instance, I send $28,000 from my ...
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What is the US tax owed when gifting India Shares to my brother?
I am planning to gift my India Shares in Stock Market to my brother, which has an overall value of 400,000 USD. According to Form 709 I can do a 14,000$ per year gift tax and file. My question is, can ...
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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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In-laws want to gift us $100,000 for a house downpayment. Money will be coming from an overseas account
My in-laws (living in US, green card holders), want to gift my wife and me (US citizens) $100,000 for a down payment on a house. The money will be coming in from Taiwan. What do I need to know about ...
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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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What is the maximum gift values between joint households
I understand there is an annual tax free gift limit of $14,000 (2016)
Is this number impacted by filing status?
If my wife and I (filing jointly) wanted to give my brother and his wife (filing ...
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What are the requirements to gift $10000 from USA to my sister in India?
I am working in USA on an H1-B Visa.
I want to gift $10000 to my sister in India.
Her lawyer in India said I should also provide this in writing in some kind of bond paper. Where do I find a bond ...
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Money transfer from India to USA
My daughter is a US Citizen. We (parents)are also planning to permanently settle in US. We will go their as Permanent Resident,as per US Law. We have a house here in India worth Rs.2 Crores. We want ...
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Taxes paid in USA for sending money to parents in India
I am on H1B visa for 5+ years now. I wanted to send money to my parents in India which is about $50,000. Am I subjected to taxes in USA? My parents are citizens of India.
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Foreign Gift tax in USA
My husband (on a H-1B visa for 5+ years) and I (on an F1 visa for 2 years) live in the Bay Area. We are planning on buying a house and, as we all know, houses are way too expensive here. My question:
...
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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 ...
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gift is taxable but is "loan" or "debt" taxable?
For tax purpose in the US, what are the differences between
(a) you give away your money - gift tax?
(b) you loan someone some money - tax free?
(c) you pay back the debt you owe - tax free or tax ...
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Transfer of foreigner's US real estate to US citizen child
What would be the best way to transfer real estate (100% owned and paid for; no mortgage or debts) by a non-US citizen and non US resident to his child that is US citizen and living in the US from a ...
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Sending money to India from the United States
I am a student in the United States and I have taken an education loan back in India. My parents sent me money taken from the education loan for my tuition fees and expenses which I don't need now.
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Gift Taxes , transferring money from USA to Philippines to my daughter
(I tried looking in other questions here if this has been asked, but not yet so I am posting)
Hi Everyone
I would like to know if I need to pay gift taxes if I am going to transfer ~68K USD to my ...
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What documentation is needed for receiving gifts, and how many may you receive per year in the US?
I have recieved a 10k gift from a family friend, and another 9k from a different family friend all for a car. When it comes to tax season, do I need to claim anything on these gifts? And do the donors ...
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Transfer money from "inherited" land sold outside US to the US without income tax?
After my parents' death in my originating country, my family was made aware that their co-owned piece of land was always in our names, not out parents'. We recently sold this piece of land as a group ...
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Money transfer from INDIA account (INR) to US account in $?
I have sold a plot in INDIA and want to gift the 50% of money to my brother who is working in US (San Francisco) and who want to purchase a house in US.
What is the procedure to transferring the ...
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1
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Is the money sent by my son from USA to India is taxable?
My son is presently deployed to work in New Jersey, USA by his employer company of Delhi for 3 years. He is remitting money to my general savings bank account in India. Is the amount so received from ...
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How much money can be transferred from India to U.S. account to buy house
How much money can my father transfer from his India bank account to my U.S. bank account without both of us paying taxed on it ?
It will be used to buy a house in the U.S.I was thinking of getting ...
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In India, does inheritance income need to be declared while filing returns?
In India, does inheritance income need to be declared while filing returns? What if the said income is received as a cheque from the nominee? For example, consider that a parent with three children ...
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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 ...
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Pay for my parent's PLUS loan - tax implications?
I recently payed off my college loans and now want to pay for the PLUS loans that my parents took out to pay for my education.
Does the gift tax apply if I pay the loan provider directly? I'm not ...
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Any downsides of using 3rd party remittance services?
Are there any downsides of using 3rd party remittance services to send money from US to India ?
Like for example I use transferwise to send $x to my dad's account in India, would it show my name as ...
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Transfer of funds
My wife and I have been green card holders since Sept 2012.
While we have very small income in India we hold substantial shares gifted by parents, home and some landed property.
I have my aged mother ...
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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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Tax consequences of forwarding an international wire
I need to legally and quickly transfer $300,000 from China to my US bank account. All of the funds that I need to transfer were obtained through legal means (with proof documents), however China has ...
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parents doing a downpayment on a house
The IRS let's you gift up to $14,000 to someone without the recipient having to pay taxes.
So let's say my parents did the down payment (40%, let's say, of the houses value) of a house for me and I ...
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Understanding Gift taxes for mortgage downpayment
We have finally decided to purchase our first home and we plan to borrow interest free money from friends and family to pay off 20% downpayment and get cheaper interest/escape PMI.
IRS says .. "The ...
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Sending money as gift to India from US
So, the story.
A Indian citizen is working in US and is earning a lot of money. If he transfers 10K USD to parent's account in India as "Gift", then he can claim that amount to be tax exempted in US. ...
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Tax implications of transferring money to retired parents (India)
I transfer some amount of cash to my parents for their groceries every month. What are the tax implications for this amount?
Do I get any tax exemptions for this sum?
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