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Questions tagged [gifts]

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Transferring assets to child

I am a US citizen. I would like to transfer my financial institution account (with all assets) from my name to my adult child’s name. Can I do this and file 709 to show the value as a gift? What are ...
user65985's user avatar
  • 171
14 votes
3 answers
3k views

Do inbound gifted monies require a credit unlock?

My credit has been frozen for the last 20 years and I unfreeze when necessary. I am being told that I need to unfreeze my credit in order to receive these funds. Why would my credit need to be ...
Matthew Long's user avatar
0 votes
1 answer
68 views

Gifting Shares of a Mutual Fund - Tax Considerations

Let's say U.S. tax resident bought one share of a mutual fund back in 2010 for $100, and it is worth $200 today. A) If they wanted to gift that share to family today, would they be liable for any gift ...
mathemagician's user avatar
-1 votes
2 answers
142 views

When to report gifting an apartment to a child?

If one began the process of gifting an apartment (which is located abroad) to a child, on March 1 and it takes 6 months to get the apartment listed officially under the child's name, When does one ...
Mr Monee's user avatar
  • 462
18 votes
5 answers
4k views

What is the most tax efficient way to give a real estate gift in Arkansas?

I want to buy a new house for my dad. I will pay all cash. No mortgage. Small $300,000 house. As a gift. We live in AR. Ideally, I want this to be a surprise. I was thinking to buy a house in my name ...
sojffvjbv's user avatar
  • 351
-2 votes
1 answer
73 views

Is it possible to get a tax refund that for a gift that turns into a loan?

Sometimes, we may give money as a gift to a person, but then later they pay us back, sort of turning a gift into a loan. How is this handled tax wise? For example, if the gift giver were to pay the ...
Five Bagger's user avatar
  • 9,785
0 votes
2 answers
541 views

Pennsylvania taxation on large monetary gift

I live in Washington State. I received a large, one-time monetary gift from my parents (>>$15k) who live in Pennsylvania. My question is to ask if Pennsylvania taxes the giver of funds. Both ...
Alex Reynolds's user avatar
-4 votes
3 answers
219 views

Can one gift an apartment to a child outside the U.S. and it not be considered gifted from the IRS perspective?

Background: We live outside the U.S. and file a 1040 each year. We have an apartment outside the U.S. which is slated to be razed and rebuilt over 3-5 years time starting in a few months. (yes, the ...
Mr Monee's user avatar
  • 462
2 votes
1 answer
50 views

Income tax exemption on gifts given to parents in India

Assuming that if a person has a total taxable income of INR 20 lacs, and that person gifts his parents jewellery worth INR 2 lacs. Does the total taxable income of the individual reduce ? If yes, by ...
fsociety's user avatar
  • 123
31 votes
7 answers
17k views

How can I gift $41,000 to my friend anonymously? (Australia)

We both live in Australia. I don't want him to know it's from me. But I’m not hiding from the government. I’d prefer the money to go into his bank account so he can see it's real money. I have his ...
Ally's user avatar
  • 311
3 votes
2 answers
651 views

Gift tax on receiver's side?

Due to a family thing, I want to give some money to one of my family members. I don't have cash. I have some stocks, either I can sell my stock and give money or gift my stock worth the same amount. ...
The Guest's user avatar
  • 795
1 vote
3 answers
143 views

Trying to understand the difference in 2 scenarios of gifting property

I'm in the US. I have 2 different scenarios related to gifting of a property and I'm trying to understand why scenario 1 feels legal and scenario 2 feels illegal. I can't put my finger on the ...
pdanese's user avatar
  • 115
0 votes
0 answers
131 views

Gift deed of property from British citizen to Indian father

I have a British passport and would like to gift a property in India to my Indian father ( I bought in 2010 while I was an Indian citizen). I am mobilsing funds to buy my first property in the UK. ...
tejchitr's user avatar
27 votes
11 answers
12k views

I gifted money to my girlfriend for a down payment on a house and we broke up. Am I entitled to my money back? [closed]

I'm writing to ask a question about gifting my fiancé a down payment for the home we currently live in and bought. So when I gave her 14,000 for the down payment of our home we were engaged. At this ...
richey anglin's user avatar
0 votes
0 answers
73 views

What options are the for streamers to receive money without disclosing their personal data?

For a small streamer is there any way without having the need of opening a company to be able to receive money without disclosing their personal information like name and address? I know some other ...
Prix's user avatar
  • 101
2 votes
0 answers
315 views

Receiving donations without others finding out my real name [closed]

First a little bit of context: I've written a book that I've self published. The book is under a pen name because I care about my privacy. I also have a blog. people that read my book might visit my ...
Pat's user avatar
  • 21
3 votes
1 answer
275 views

UK Cash Gift Amount

My grandparents are gifting me £7000 towards the cost of buying my first home. Depending on the price of the house I buy, this will probably go towards the deposit, fees associated with buying a house ...
Jsk's user avatar
  • 1,668
1 vote
1 answer
187 views

What is the best way to recieve a $10,000 gift when you need some but not all of it immediately? [duplicate]

In the next 3 weeks I will be moving to a new location - my parents have set aside $10,000 for us. My parents can transfer this money from their account to my account - because we share a credit union ...
Zibbobz's user avatar
  • 4,374
-1 votes
2 answers
58 views

Cash Gift Taxes

My grandmother & grandfather (on my mothers side) recently both signed over a 5 acre lot in Texas to my name. I have since sold the property but am wondering, what is the cheapest way to give my ...
urdearboy's user avatar
  • 111
1 vote
3 answers
7k views

How can I gift paper stock certificates?

I am planning to give shares to some close individuals. Some of these individuals are still minors (between the ages of 6 to 13). I strongly prefer gifting these shares in the form of physical stock ...
Flux's user avatar
  • 17k
0 votes
0 answers
102 views

Donating/Gifting money to an individual in India

An NRI (A) decides to donate/gift some money to an Indian citizen (B) residing in India. Currently the money is in an NRO account (of A) in India and A would transfer the money to a savings account of ...
PTDS's user avatar
  • 111
19 votes
13 answers
13k views

Considerations when providing money to one child now, and the other later?

I have two children. My oldest has a mortgage and pays interest on it. I have cash savings but do not earn significant interest on them. Since I don't need all of the money for myself, I would ...
user432's user avatar
  • 569
1 vote
1 answer
67 views

Rewarding my affiliates [closed]

I could not find a really fitting site and thoight this is the closest. Otherwise please let me know. I own a website where I get income from affiliate links. I would like to give back some ...
Janis S.'s user avatar
  • 113
9 votes
3 answers
50k views

How may I gift/send money to a friend anonymously?

I have a good friend who I attended university with in the past. (in the US) I happened to get to know that they were having some money troubles, and I wanted to provide some assistance as a gift, but ...
Rboreal_Frippery's user avatar
10 votes
2 answers
2k views

Does IRS count paying mortgage principal as taxable income from family?

My parents offered me a generous gift, specifically they want to pay off $10,000 of my mortgage principal (the mortgage is under my name, not theirs). However, I am hesitant to let them do this, as ...
Ray's user avatar
  • 101
2 votes
2 answers
229 views

Splashing money on others

I have real trouble managing money, to the point where I'm almost living paycheck to paycheck. Although there are a number of reasons for this, I am aware of one major one, and I need advice on how ...
Molono's user avatar
  • 23
1 vote
0 answers
92 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 ...
VIJAY's user avatar
  • 11
0 votes
1 answer
76 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 ...
user274739's user avatar
4 votes
1 answer
343 views

Helping friends pay for a party

We're throwing a BIG party next year. Our friends have agreed to contribute. The total cost of the party comes to £20,000. Our friends will contribute £15,000 and we will subsidise the rest. This ...
Sam's user avatar
  • 245
0 votes
1 answer
138 views

Can I avoid state trust tax with a conditional gift?

My state taxes resident trusts. A resident trust is any of the following: a. Its settlor (or any of its settlors) was a state resident at the time the trust was created; or b. All ...
Wandering Fool's user avatar
3 votes
2 answers
3k views

Can non-profit give a gift card to a store to someone in need?

Is there any law that would block a non-profit from giving a gift card to someone in need, say, a $100 food store gift card? If a non-profit is allowed to give the gift card to someone in need, is ...
user7858768's user avatar
3 votes
1 answer
132 views

Whom do you tell when you gift a portion of a property in the UK?

Suppose Alice and Bob both own 50% of a rental property each, as tenants in common. Alice gifts 10% to Bob so they now own 40% and 60%. Do Alice or Bob need to declare this gift to any government body?...
Robino's user avatar
  • 131
4 votes
1 answer
342 views

Tax implications of non-US person family member gifting big amount of money to US resident

Let's say person A is person B's dad. Person A lives in Europe and is not in any way a US citizen/resident etc... Person B is a US resident (is there a difference between citizen and just a resident?)....
Idos's user avatar
  • 143
8 votes
4 answers
2k views

Investments as Gifts

When I was little my grandparents gave me several gifts of small savings bonds that matured while I grew up. It was a small gift that grew over time and taught me a little about finance. I'd like to ...
Steve's user avatar
  • 181
3 votes
1 answer
222 views

How do the taxes work when selling your ownership of a house and then gifting that money to your child?

My mother recently sold her half ownership of a house to her ex-husband. She received $215,000 from the sale. She's lived in the house for decades so I believe she applies for the capital gains ...
lunargrey's user avatar
2 votes
0 answers
73 views

Will we be taxed on gift money we received for a down payment on a house? [duplicate]

My boyfriend and I bought a house over the summer and received money as a gift to help with down payment. His mom gave $10000 and my dad gave $14000. we later received a $5000 house warming gift from ...
user64830's user avatar
-3 votes
1 answer
152 views

Gift tax on gifts from multiple, unrelated individuals [duplicate]

Based on my “pay no tax” research I found this gift law. I think I’m on the right track and would like clarification because, I literally detest the government for very good reasons; not the least of ...
GiGi's user avatar
  • 11
2 votes
0 answers
121 views

Is it correct that on Form 3520 you don't have to fill out the address of the foreign donor?

I'm receiving a gift from a foreign person and am drafting the informational return 3520 (https://www.irs.gov/pub/irs-prior/f3520--2017.pdf) to report it. What surprises me is that in section IV, you ...
Kurt Peek's user avatar
  • 499
0 votes
1 answer
228 views

Receiving $30k from mother for house down payment [duplicate]

My wife and I are planning on buying a house in the near future. My mother has offered to give us $30,000 to put towards our down payment. I am interested to know what method to receive the money ...
Colin's user avatar
  • 3
2 votes
1 answer
475 views

"Gifting" a house to a family member

I bought a house for myself a few years ago with the profit from an investment, however as I was (still am) under 18 I had my mother buy it in her name. As I am nearing 18, I was wondering how I could ...
DividedByZero's user avatar
3 votes
1 answer
195 views

Want to gift stock shares to non us student. What do I need to do?

Want to gift shares of stock to a non-US students studying in US. What do I need to do? What does the student need to do?
Elaine's user avatar
  • 31
3 votes
1 answer
245 views

Legitimate ways to release an unpaid mortgage?

(State of Oklahoma, USA) Someone I know sold a house and held the mortgage personally. The buyers paid promptly for several years, but then developed several medical problems and are all on ...
WGroleau's user avatar
  • 1,031
23 votes
6 answers
14k views

Reporting monetary gifts as a waiter/waitress?

As a waiter/waitress, if I received money from a customer and he/she specifically said that this is not a tip, but a gift, do I need to report it at the end of the night to the restaurant? Do I need ...
Michael's user avatar
  • 10.2k
4 votes
1 answer
588 views

Do I need to file Form 3520 if I received two monetary gifts from two unrelated non-resident aliens that totaled over 100K

Based on what I read on IRS, if a gift from a non-resident alien exceeds $100K, the recipient needs to report it on Form 3520. In my scenario, the combined amount of monetary gifts is above 100K, but ...
Alex's user avatar
  • 195
3 votes
1 answer
580 views

How can I gift mutual funds to my 1 year old nephew?

My nephew is getting ready to turn 1 year old and I would like to gift him mutual funds. Are there any special types of accounts out there to allow this sort of gifting? I'm not looking to set up a ...
Ivan Lesko's user avatar
1 vote
1 answer
85 views

Medium of Gifting Cash [closed]

Suppose I have a friend who had given me a monetary reward of $75 in person. Which medium should he or she have chosen and why? Cash - The one I think is the best (no fees, no restriction on where ...
J C's user avatar
  • 13
2 votes
0 answers
167 views

Are gifted health insurance premiums tax deductible for the recipient?

Amanda paid some health insurance premiums for Bill in 2015. The payments were made directly to the insurer and intended as a gift to Bill. Amanda doesn't have to report payments for medical ...
Robert's user avatar
  • 499
2 votes
2 answers
1k views

Depositing a second party check for $10,000

Friend without bank account wants me to deposit a gift check in my savings account. Will I be taxed for it or have other implications?
imsunshine's user avatar
1 vote
1 answer
744 views

Borrowing from your parents on a mortgage, with money they borrow from a bank

Disclaimer: we know this is financially stupid, but this is my wife's health we are talking about. Yes we know we didn't make the most financially smart decisions Situation: We bought a house in ...
Kevin's user avatar
  • 233
3 votes
1 answer
1k views

Do I need to file Form 3520 if I receive over 100k living expenses from parents overseas?

Context: My parents overseas (Japan) sent me a little over $100,000 to cover an expensive tuition payment and moderate living expenses in 2014. They are not US residents, Green card holders or ...
docdote's user avatar
  • 33