Questions tagged [gifts]
The gifts tag has no usage guidance.
75
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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 ...
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5
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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 ...
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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 ...
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274
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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 ...
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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 ...
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1
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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 ...
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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 ...
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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.
...
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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 ...
- 115
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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. ...
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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 ...
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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 ...
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0
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287
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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 ...
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1
answer
271
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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 ...
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113
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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 ...
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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 ...
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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 ...
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101
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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2
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229
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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 ...
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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 ...
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75
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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
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1
answer
341
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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 ...
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136
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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 ...
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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 ...
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131
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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?...
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1
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330
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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?)....
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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 ...
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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 ...
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0
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73
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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 ...
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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 ...
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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 ...
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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 ...
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"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 ...
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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?
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1
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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0
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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 ...
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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?
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1
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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 ...
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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 ...
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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 ...
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1
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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 ...
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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?
...
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