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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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 ...
Tim's user avatar
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3 votes
1 answer
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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 ...
BCecil's user avatar
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8 votes
1 answer
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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 ...
Jackie's user avatar
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3 answers
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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 ...
rs79's user avatar
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2 votes
1 answer
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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 ...
rs79's user avatar
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6 votes
1 answer
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 ...
nikhil's user avatar
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4 votes
3 answers
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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?
Michael Pryor's user avatar
1 vote
0 answers
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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 ...
Victor M. Rodriguez's user avatar
7 votes
2 answers
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 ...
bj117's user avatar
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2 votes
3 answers
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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'...
wwwuser's user avatar
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1 answer
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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 ...
wwwuser's user avatar
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3 answers
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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". ...
Pacerier's user avatar
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12 votes
3 answers
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 ...
maxedison's user avatar
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15 votes
2 answers
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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 ...
quux's user avatar
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10 votes
1 answer
694 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 ...
David's user avatar
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10 votes
1 answer
513 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) ...
Spig's user avatar
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3 votes
2 answers
486 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 ...
EndlessSpace's user avatar
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3 votes
3 answers
380 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 ...
user avatar
6 votes
1 answer
758 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 ...
user avatar
10 votes
1 answer
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 ...
Uri's user avatar
  • 201

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