We’re rewarding the question askers & reputations are being recalculated! Read more.

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.

Filter by
Sorted by
Tagged with
1
vote
1answer
5k views

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 ...
1
vote
1answer
101 views

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. ...
1
vote
1answer
942 views

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 ...
1
vote
1answer
1k views

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 ...
1
vote
1answer
5k 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 ...
1
vote
1answer
342 views

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 ...
1
vote
1answer
335 views

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/...
1
vote
1answer
126 views

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 ...
1
vote
1answer
79 views

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 ...
1
vote
1answer
2k views

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 ...
1
vote
1answer
707 views

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 ?
1
vote
1answer
772 views

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 ...
1
vote
1answer
106 views

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?
1
vote
1answer
48 views

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 ...
1
vote
2answers
393 views

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?
1
vote
2answers
2k views

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 ...
1
vote
1answer
273 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
vote
2answers
932 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 ...
1
vote
1answer
151 views

How much is my signing bonus after taxation in Berlin Germany?

an employer is offering 3K EUR as signing bonus, I was told that it's taxable, so I want to calculate how much tax do I have to pay and how much will be the 3K after all tax deductions? I live in ...
1
vote
1answer
740 views

How to transfer money from india to usa [duplicate]

My son is a US Citizen and he will be entering into College on coming September 2019. We (parents)are green card holder & lives in US. We have a house here in India. We want to sell it and bring ...
1
vote
0answers
81 views

Gift from my Dad [duplicate]

My dad lives in India and is an Indian citizen. I am a UK citizen. My dad would like to give me and my wife a gift of around £8K each. Would I have to pay tax on this in the UK? My dad has already ...
1
vote
0answers
15 views

Money transfer from India [duplicate]

I am a green card holder in US, my mother wants to gift me $6000. I want to know if there are any laws that prevent me to accepting the monies as gift? Will I have to declare it in my return? Will she ...
1
vote
0answers
207 views

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....
1
vote
0answers
28 views

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 ...
1
vote
0answers
175 views

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 ...
1
vote
0answers
182 views

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 ...
1
vote
0answers
92 views

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 ...
1
vote
0answers
485 views

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, ...
1
vote
0answers
2k views

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 ...
1
vote
0answers
461 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 ...
0
votes
1answer
119 views

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 ...
0
votes
2answers
73 views

Gift of Equity Tax when selling to family member

I am buying a house from my brother, the house is worth $220,000. and my brother willing to sell it to me for whatever the house is owe the bank, which is $170,000. He is willing to give me all of the ...
0
votes
2answers
156 views

Taxes on money gift from abroad

Would I be taxed on money gift from abroad? Consider the amount is larger than 100k. If yes, what is the rate? If no, do I still have to file some particular tax form on it as well?
0
votes
1answer
123 views

US citizen gifting real estate to non-US citizens

Annie, a US citizen, has 2 houses (around $60K each) to give to her family members and try to avoid or minimize gift tax. She would like to give (a) one to her mother, a US permanent resident; and (b) ...
0
votes
1answer
854 views

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 ...
0
votes
1answer
610 views

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 ...
0
votes
1answer
401 views

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 ...
0
votes
1answer
65 views

Investing in grandfathers name to save tax in India

I was looking for saving tax by investing/gifting to parents. My father/mother is paying tax, instead can I gift my money to grandfather to save tax ? Grandfather does earns so easily 20 lakh could ...
0
votes
1answer
286 views

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.
0
votes
1answer
169 views

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 ...
0
votes
1answer
276 views

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.
0
votes
1answer
518 views

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 ...
0
votes
1answer
237 views

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 ...
0
votes
0answers
31 views

What is the best way to gift NRI daughter from India? [duplicate]

My dad is an Indian citizen and he plans to sell his farm land and send the proceeds to me as a gift. I am a US citizen. What are the tax implications to my dad since he is selling farming land? ...
0
votes
0answers
79 views

Taxabilty of Gift from Son to Parents

My son has become NRI three years back.He wants to withdraw his accumulated balance of EPF and Employees Pension Fund in which he was a member since 2006. He wants to gift the amount so withdrawn to ...
0
votes
1answer
178 views

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 ...
0
votes
2answers
117 views

Avoid paying higher rate SDLT UK

I currently own property A (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. ...
-1
votes
1answer
162 views

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 ...
-1
votes
1answer
925 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
votes
3answers
401 views

What stops someone from abusing the Annual Gift Exclusion Amount?

Let's assume this hypothetical. My son is now 18 years old. Since he was 8, I've been setting aside the annual gift exclusion amount and placing it in a safe in my house. With snipers guarding said ...