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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Transfer money from U.S.-based NRI friend to my savings account in India?
My NRI friend wants to wire transfer money from his U.S. account to my savings account in India.
Could someone please throw light on the procedure to be followed and also the tax implications?
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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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My dad wants to transfer money from India to US as a family maintanance
What is the tax implication if my dad is sending money to me here in US as a family maintenance? Do I have to pay tax on that money and how much will that be?
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Questions regarding taxation for Indians living in U.S.( citizens of U.S.)
Greetings of the season.
I have some clarifications and questions regarding taxation for Indian's living in U.S.
What is the maximum cash gift a person can receive from Indian parents?
Beyond what ...
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Tax implications of dad paying cash for my home, and me paying him back?
My father found a better loan than us, so we are thinking about him giving us the money for the house, we pay cash for the house so we get it under our name, and then we pay to him every month for the ...
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Borrowing from my brother for the downpayment of house?
I am looking to by a house real soon. I definitely want to avoid PMI and put down 20% which amounts to about $100K of initial payment. I have no debt whatsover (no credit card/student/car loans). I ...
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NRI in US, how to receive money from India to US
I transferred money to my parents as Gift 3 years back, now they will be helping me with some money here in USA. My parents are in India and want to send me some amount here in USA.
Is that fine, any ...
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Gift tax exemption amount on funds transferred to parents joint account from US to India
What is the limit on the amount of funds that I could transfer to my parents' joint account (held by my mom & dad) without incurring gift tax?
I see the limits posted as $14000 per recipient, ...
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US citizen to receive money from mother British Overseas Citizen as gift money
My mother is a UK British Overseas Citizen residing in India.
She wishes to gift money from UK account via bank transfer to my sister in USA who is unmarried yet.
What amount wl my sister have to pay ...
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As US citizen want to send money to my parents account. Do they need to pay tax? If not how can they show that it is a gifted amount from my daughter?
I am US citizen and want to send around $45k to my parents in India. Is there any kind of tax I or my parents need to pay? If not then how can they show that it is gifted amount from their daughter in ...
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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 ...
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Taxes on gifting a home to a son?
My father owns a property (approx. value $175000) he owes $60000. He wants to gift the property to me. 1. Can I pay (or give him the money to pay) the remainder of the mortgage and have him gift the ...
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Gifting Money for a downpayment
I am about to buy a house with my girlfriend and her credit is not established enough to get a good rate. I have excellent credit therefor, I would like to just hold/mortgage the note myself to get ...
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Is gift tax owed when giving money from a non-US person to a US person if the money is originating in a US bank account?
A Person is not a US Person but maintains a bank account in the US when the person was a tourist in the US. This person does not work in the US nor ever stay in the US for more than 10 days in a year. ...
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Can I gift my wife 14k to reduce my tax liability?
If I can, can she use it for things like bills or shared expenses between us?
If so, why aren't more people doing this? It seems like an easy way to shelter some money.
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In Canada, how much money can I gift a friend or family member without them being taxed on it?
In the united states, you can gift someone up to $14k per year without the IRS taxing the beneficiary of the gift.
What is the limit in Canada (Ontario)?
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Do I have to report gift money from my spouse and family?
My husband and I got married in January 2014. He is from Australia and works from home as a web designer for clients who are all abroad. He received his green card in April 2014. All of his income is ...
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Taxes on cash gift from relatives in the Philippines?
My parents informed me they want to give me 1 million Philippine pesos. I am in the U.S. and the money will come from the Philippines. It is roughly $22k. Can they just wire the money directly to my ...
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Tax implications of currency exchange between friends?
I am a US and French citizen and have bank accounts in both countries. One of my friends is a Permanent Resident in the US and also has French citizenship, with bank accounts in both countries.
I ...
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My father, an NRI, sold inheirited land in India. He wants to move the money to the USA, with minimum tax. How to go about it?
I've read that it's possible for him to gift me the money, because I am a US citizen and he isn't. Would that be a viable option? It's a sum of 2 crore 15 lakh, so I'll have to file it.
I'm not sure ...
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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 ...
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Would there be issues with giving someone a gift out of a joint account if the total is over the annual limit per person?
My sister and I would like to give another relative $25,000 as a gift. We have a joint bank account together, and had planned on writing a single check from the joint account for the full amount. We ...
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Gift tax with family member gifting real estate
My husband's family member wants to give us his house. It is valued around $48,000. How can this be achieved without gift tax implications? Would he be able to gift us half of the property this year ...
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How should my daughter give me money. Do I need to report it?
I am from Texas.
My daughter wants to give me about $13,000. What is the legal way of getting that money and do I need to report it on my income tax?
My state does not have state income tax, only ...
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What are the tax implications of selling shares inherited by me from my father and sharing the proceeds with my sister?
My father passed away recently leaving behind 65 lakhs in shares and 25 lakhs in FDs (Fixed Deposits). I am the joint holder in both the shares as well as the FDs. This amount has to be shared by me ...
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How does tax work with donations?
My understanding of the gift tax is that the donor has to pay the tax, but up to a limit they don't have to pay tax.
I'm a developer. Suppose I offer my software/libraries/blog for free on my site ...
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Company owners gift to employee UK
The Boss of the company I work for has just sold his company. He has now retired, but he has decided to award monetry gifts to all employees. A formula has been developed to determine a fair ...
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After my father's death, how can I transfer 50% of an account to my sister in the most tax efficient way?
My father has some shares in his demat account with me as a joint holder. He expired recently. Now I will have to transfer 50 percent of the total value to my sister. Will it attract short term ...
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If I receive 150000$ in my Indian savings account how much tax i shall pay?
My friend is planning to invest in India.
So if he transfers around 150000$ to my account..
How much tax do I have to pay?
Is there any way to show it as foreign investment?
Can I include my ...
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1
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Gifts under the annual gift tax exemption FROM minor children?
I have multiple minor children and one spouse. I want to target one recipient R with the max under-the-exemption gift money.
I am aware I can give R $14k and my spouse can give R $14k for a total of $...
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Tax implication for Indian citizens working in US on L1 visa
I am a citizen of India, currently working as a software engineer in India. Thus I am paying income-tax to Indian-Govt. I am moving to US in November-2014 on L1-Visa. I had following questions in ...
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Foreign currency in my uncle (no blood relation) account
I work in middle east and wanted to transfer money to my uncle's account, as a help to him. I will be depositing cash money through a money transfer agent.
First question is "does my uncle have to ...
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Will I pay tax in my account in India if I get a transfer from UK from a different party
I stay in India and have a salary savings account here. A friend of mine is making a transfer from UK in GBP to my account in India. Amount is 35000 pounds.
Do I face any taxes, legal liability or ...
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Is money sent by my brother to buy a flat taxable?
I am a Canadian citizen living in Halifax.
My brother wants to help me buy a flat and plans to transfer money as a gift ($150,000 USD) from the States to Canada.
Is the transfer taxable?
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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. ...
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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?
...
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Gift tax on currency exchange with friend?
I have a friend who is moving from the UK to the US for studies. She intends to transfer her money in the UK (~20K GBP) to the US for personal maintenance. I have a brother who will be starting ...
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Transfer money from NRE account to a local Indian account
I am currently in US and I generally transfer money to my NRE account in India. I was wondering if I could transfer some of it to my mother's local bank account. Will she have to pay any tax if I ...
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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 ...
user14719
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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?
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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 $...
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Tax implications of gift from UK to US
My grandfather is advancing in years and has moved in to an senior citizen's home. He has decided to sell his former home and distribute the proceeds between his descendants. He is a resident and ...
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Is the amount taxable if my grandfather sells agricultural land
My grandfather who is around 80 years old selling agricultural land that he has acquired from his forefathers in Aligarh (Uttar Pradesh). He would the selling the land for 13 lakhs. Is this taxable. ...
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Gift tax on sending money abroad from US
I wired transfer about $20k to my father's account for family support (and the limit for gift tax is ~$14300 per person), in this case, can I claim that I'm actually supporting both my mother and ...
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Do I pay taxes on a gift of mutual funds?
My parents, saving for college many (20+?) years ago, purchased some Evergreen mutual funds for each of their children. I believe the accounts were established in the children's names.
Thanks to some ...
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Am I able to conduct a private sale of public shares at a price that I determine?
I was wondering if it were at all possible to sell my own shares to someone specific at a price I determine?
Let's say I have $1,000 worth of an arbitrary publicly traded company and I wanted to sell ...
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Can someone explain in simple and direct ways how the gift / donation tax works for a lottery winner?
My jackpot money is cleared in the bank with all its federal/state/city/village/building taxes paid in full. Now I want to start giving money away. What will be the tax implications if I give or ...
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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 ...
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If I repaid a monetary gift, is still considered a gift by the IRS?
My mother lent my husband & me $200K to close on our new house, but our mortgage broker made her sign a letter declaring the $200K a "gift," since he was concerned that our home loan wouldn't be ...
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Will I have to pay tax in India for a transfer into my account from the US?
Will I have to pay tax in India when my friend transfers money to my bank account in India from US? The amount is $100 USD, and at this time I don't know how the transfer will occur.
I am living in ...
