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Questions tagged [gifts]

The tag has no usage guidance.

3
votes
3answers
338 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 ...
10
votes
2answers
1k 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 ...
2
votes
2answers
202 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 ...
1
vote
0answers
67 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 ...
0
votes
1answer
62 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 ...
4
votes
1answer
303 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 ...
0
votes
1answer
71 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 ...
3
votes
2answers
259 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 ...
3
votes
1answer
110 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?...
4
votes
1answer
213 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?)....
8
votes
4answers
181 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 ...
3
votes
1answer
117 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 ...
2
votes
0answers
69 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 ...
-5
votes
1answer
82 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 ...
2
votes
0answers
82 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 ...
0
votes
1answer
188 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 ...
2
votes
1answer
349 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 ...
4
votes
1answer
107 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?
3
votes
1answer
209 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 ...
22
votes
6answers
7k 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 ...
4
votes
1answer
257 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 ...
4
votes
1answer
356 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 ...
1
vote
1answer
76 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 ...
2
votes
0answers
230 views

Cash as Wedding Gift [closed]

I plan on giving some cash to a relative of mine that is getting married. How would I do this with proper etiquette and presentation? Do I write a personal check or get a cashier's check/money order?...
2
votes
0answers
86 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 ...
2
votes
2answers
795 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?
2
votes
1answer
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 ...
4
votes
1answer
308 views

Tangible alternative to paper U.S. savings bonds?

When I was little, it was fairly common to get US Savings Bonds from relatives. It introduced me to savings, financial instruments, and the idea of delayed gratification. I know there are 529 plans, a ...
2
votes
1answer
949 views

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 ...
2
votes
3answers
2k views

How to gift money anonymously to an individual after collection thru a donation site?

I am receiving some excellent feedback, so please bear with me while I give more details on the entire concept - as I am starting to think it may not be feasible without cooperation from the family? ...
1
vote
1answer
328 views

Paying tax on monetary gifts

I live in Wisconsin and received $5,000 from a living relative as a one-time gift. Do I need to report this on my income taxes?
2
votes
1answer
275 views

Want to put at least $500/yr away for my niece, but NOT for education. Choices?

I would like to put money away for my niece. I'm looking to put it somewhere that she can use the money when she turns 18/21. Also, I don't want it to be tied to education, in case she would like to ...
4
votes
2answers
1k views

Is it true that in USA it is a common practice to present gifts with a receipt from store?

I have heard that in USA people usually present gift along with its receipt from store to allow one to return the gift to the store?
4
votes
1answer
391 views

I am a US citizen. Can I gift stock options to my parents in India?

I am a US citizen. Can I gift some stock options to my parents in India? If this is possible, could you point me to a page or document showing all things that needs to be done legally at both US and ...
10
votes
3answers
5k 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
votes
2answers
799 views

Is it possible to buy stock as a gift for a minor without involving the guardians?

I always liked the idea of buying an investment for young children instead of a traditional gift. It seems that they will get plenty of toys from others, and as a parent I know that there are often ...
4
votes
1answer
147 views

Foreign bequests and gifts

I am a U.S. resident and citizen. My British mother died earlier this year. In her will, she directly bequeathed me 10,000 pounds, and left the remainder to her sister. Said sister thought that was B....
2
votes
3answers
175 views

How to distinguish gift from payment for the service?

If somebody gives me reasonable advise or share important to me information. Being attentive I would like to make a little gift or give some little (<100$) amount of money (cash/wire/online) for ...
3
votes
1answer
3k 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 ...
40
votes
7answers
4k views

Friends come with hat in hand, but I don't think it will help

I have two friends, a married couple with a ~1yr child. Shortly before they had the child, they moved in with his grandparents. The grandparents are apparently unwilling or unable to care to the child,...
5
votes
1answer
3k 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 ...
1
vote
1answer
984 views

Do I need to claim the sale of a used car on my taxes if I received the car as a gift?

I sold a used car that I received as a gift; do I need to claim that on my taxes in Canada?
4
votes
2answers
394 views

What laws/regulations are there regardings gifts in the form of large sums of money?

My understanding is that at a certain point, there are taxes or regulations or something on gifts. Like if I were going to give my friend $500,000, for whatever reason this isn't as straightforward as ...
5
votes
1answer
140 views

Apartment donation or gift for foreigner living in US

Some of my relatives would like to donate or move an apartment on my name. However, there are a few things... I am a Romanian citizen living in the US (on a non-immigrant visa) The apartment is in ...
6
votes
2answers
1k views

Do banks accept a large gift to me as a valid down payment for a house?

When I bought my house at the height of the bubble seven years ago, I remember having a conversation with a loan officer about the source of down payment money. It was stated to me that if I was ...
32
votes
2answers
17k views

I'm giving my car to my sister. Should I gift it or sell it?

I have a car registered in Connecticut. I want to give the car to my sister in Oregon. The blue book value of the car is approximately $5000. (It will be a very generous gift - but the car was a gift ...
8
votes
2answers
2k views

What do we need to consider if we're to receive a large cash gift from family abroad?

Are there any rules regarding receiving monetary gifts from family abroad? My fiance's parents want to wire us $25,000 from Brazil to be used on a down payment on a house. What are the tax or other ...
4
votes
2answers
251 views

US Income Tax and Gifts

I know that (in the U.S.) the gifter pays a gift tax (minus an exclusion and perhaps some other exemptions, but just speaking broadly here). Does the recipient of the gift pay income tax or any ...
6
votes
2answers
10k views

What Canadian tax is payable on money received (gifted) from a relative in another country?

I have a Canadian and German passport, but I have lived in Canada for 15 years. My grandpa, in Germany, had opened a certain savings account for me from which I will recieve a lot of money from in ...
10
votes
1answer
569 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 ...