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Search options not deleted user 59629

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.

0 votes
1 answer
2k views

Transfering from joint bank account to personal account: implications for gift tax

Say person A has a bank account with US$20k in it, and then A adds B (not a spouse) to the account, so it's now a joint account. B then withdraws the money and deposits it to his personal account. Wou …
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  • 183
4 votes
2 answers
610 views

Paying someone's college tuition to avoid gift taxes: how do I show the payment is applied t...

According to Section 2503 of the Internal Revenue Code of 1986, a payment made directly to an educational institution to pay for the tuition of a student does not count as a gift to the student for gi …
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  • 183
5 votes
1 answer
4k views

How does the bank/IRS know whether a bank transfer over $14k is a gift or loan repayment?

Suppose I want to help a relative, an international student, pay his college tuition before he arrives in the US (let's say the amount is $20k, i.e., over the $14k tax-exempt limit for gifts). He'll p …
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  • 183