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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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3
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1answer
679 views

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 ...
10
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3answers
6k views

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 ...
3
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2answers
1k views

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 ...
10
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2answers
3k views

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 ...
3
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1answer
2k views

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 ...
2
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1answer
518 views

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 ...
-1
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1answer
968 views

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 ...
2
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1answer
343 views

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 $...
2
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1answer
6k views

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 ...
2
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1answer
243 views

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 ...
1
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1answer
278 views

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 ...
1
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1answer
522 views

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?
8
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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
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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? ...
2
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1answer
1k views

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 ...
1
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1answer
6k views

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 ...
3
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2answers
54k 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 ...
4
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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?
8
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3answers
21k 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 $...
5
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1answer
3k views

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 ...
2
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1answer
2k views

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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2answers
943 views

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 ...
2
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2answers
3k views

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 ...
5
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1answer
7k views

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 ...
6
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1answer
492 views

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 ...
2
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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 ...
14
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1answer
3k views

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 ...
2
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1answer
4k views

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 ...
5
votes
1answer
4k views

Does money borrowed from other people in U.S. need to be reported in tax report?

I have a friend who is willing to lend me some money (about 40k dollars), since I am not financially well. We are foreigners studying and working in the U.S. (F1 and H1 visas). We report taxes ...
3
votes
1answer
144 views

Gift tax on investment property bought below appraisal value from a non-related person?

I have a friend who I am purchasing an investment property from at the same price they paid for it but the appraisal value is about a 1/3 higher than what I will pay for it. Will the seller owe gift ...
8
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1answer
955 views

If my fiance gifts me $18K and we get married before the end of the year will the gift tax apply?

My fiance and I are trying to buy a house. The loan is in my name, but he would like to pay for $18K worth of closing costs. The plan is to close the deal by 10/21/2013. If we get married by the end ...
8
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3answers
2k views

Tax Consequences of a Gift

A family member intends on gifting us a sum of $70,000 towards the purchase of a new home. My question is - will that family member owe any gift tax on it? I have been reading sources that appear ...
2
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1answer
1k views

Gift Tax owed on the transfer of a Home Equity Loan

I'm in a bit of a conundrum here: My sister owns an investment property outright (no loan on it...) She lives with me in my primary residence. Now, my family and I are moving to another house, with ...
6
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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 ...
4
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3answers
27k 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
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0answers
467 views

If I give my daughter $57K for her mortgage down payment and closing costs, will I owe taxes on the gift?

My daughter lives in Florida. I would like to give her $57K of my savings to cover her mortgage down payment and closing costs. I live in Puerto Rico. Will I have to pay income tax on this transaction ...
7
votes
2answers
1k views

How do I handle taxes on a very large "gift" from my employers?

My husband just received a $700,000 "gift" from the partners at the organization he has worked for for over 13.5 years. These particular partners sold their share of the partnership, making an ...
2
votes
3answers
8k views

Getting around Gift Tax in US

I've been transferring money to my fiance's account to help her pay her student loans. I just realized that I went past my yearly gift tax allowance for her ($14,000 for 2013) by $3,000. I realize I'...
5
votes
1answer
23k views

Transfer large amount of money from one Wells Fargo account to another

I'm helping my fiance pay off her student loans. We both have Wells Fargo accounts. What is the quickest and cheapest way to transfer a large amount, say $20K or more, to her account? I'd prefer to ...
5
votes
3answers
3k views

Is it legal to receive/send "gifts" of Non-Trivial Amounts to a "friend"?

This can be illustrated in many ways. But for the sake of a concrete example, let's assume a sample scenario: We have an employer (Mr-A) and his employee (Mr-B) also happens to be his "good friend". ...
12
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3answers
5k views

How to avoid having my father's down payment assistance get taxed as a gift

My father has offered to pay up to $70k towards a down payment on a condo for my wife and me. I understand that gifts of over $13k get taxed pretty heavily. Is there a way to avoid this when it comes ...
15
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2answers
4k views

Father wants to gift child with approx $200k. Smartest way from USA tax perspective?

The father would like to find the best way to help his (~40 year old) daughter with approximately $200k in home loans. Without (yet) seeking professional advice, he has loosely considered: Gifting ...
10
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1answer
650 views

Should I take out a loan vs pay off with mother's help?

I'm considering buying a house for 200k. When buying place ($200k), I will be paying 120k as down-payment, and financing the rest. I am thinking of my mother pay an additional 80k (to buy the place ...
10
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1answer
433 views

When funding a trust does the gift tax exemption apply?

I'm researching setting up a bypass trust with my spouse. When I fund the trust, do the funds/property that I put into the trust count against the annual or lifetime gift tax (a.k.a. transfer tax) ...
3
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2answers
470 views

Can spouses filing jointly give gifts to each other and claim the gift exemption?

Is it considered as an exclusion/exemption under the gift tax, if spouses who are both working and filing jointly give gifts to each other even though in reality the amount of the gift still stays ...
3
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3answers
356 views

What are the rules for gifting for a couple when one is a U.S. citizen & the other a Canadian?

If one spouse is American and the other Canadian, what are the gifting rules for this couple? Is the couple still limited to 26,000 or can they specify that the American is gifting 13,000 and the ...
6
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1answer
742 views

Gift Tax Exemptions in the US

I recently married and am planning to buy a house, my parents would like to assist us by giving a gift to put into the house. The limit for this year is 13000, now my question is, is this limit per ...
10
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1answer
1k views

What are the US gift tax rules for gifts from non-US persons?

I am a US permanent resident for several years now. My family resides overseas and are not-US persons - they visit on tourist visas. They have bank accounts here in the US. I am planning to buy my ...

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